What Most Expensive Landfall home tells us about Zestimate Crap

Most Expensive sold Landfall Home Past year shows Zestimates to be Pathetic

Below is the most expensive home sold in Landfall going back to January 1, 2011. Nothing comes close to it as it sold for $2,500,000. The next most expensive homes sold in Landfall were 1.8 and 1.5 million respectively.

2011 most expensive Landfall home sold
2011 most expensive Landfall home sold

 

 
 

How did the Zestimate and others do for the Landfall real estate?

That home had a zestimate of $3,900,000 and yet it sold for just $2,500,000.  That is off by 35%.  Do you want to base your buying–or listing decisions for that matter–of a zestimate or other automated valuation model?  Here’s another from Homes.com and it gave the home a $4,167,000 estimate of value.  I’m afraid to calculate how far that is off.

Guess Who Knows Landfall market prices best?

Your local Landfall real estate agent in Wilmington NC  is best for assessing market values.  Some of it is data analysis, but a significant component is also instincts that come from literally “feeling” the marketplace day in day out on the front lines of negotiating home prices.  I did  a video blog on that subject here:

Choosing an Agent Part IV: Does Agent Have Fingers on the Pulse of the Landfall Market? Prove It.

Jay Seville

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Jay Seville

REALTOR ®

One of the nation’s first 2.0 realtors…after hitting the highest levels of achievement at RE/MAX, Jay Seville left and formed his own brokerage in 2007 creating much business that he shared with his agents to help them make a great living. He has been principal broker and team leader of a buyer agent team since 2005.