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Tag Archives: news

Get $8000 from your Uncle for a Down Payment?

You can now…

Previously, the $8,000 First Time Home Buyer Tax Credit was a bonus refund.  Now it might be able to help you buy the house…

It looks like there are changes being made to allow First Time Buyers to apply for a loan to be repaid by the FTHBTC. I’m looking for some more info on this, but here is a start.

There are still some other cool programs, too.

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But Zillow says…

Well....if nobody wants to play Conkers with m...
Image by law_keven via Flickr

I know… most sellers at some point take a look at the ‘Zestimate’ that Zillow produces for their property.  And there is almost always one of two reactions…

  • Those people are on crack, my house is worth way more than that” (if the Zestimate is lower than expected)
  • Wow, I didn’t know it was worth THAT much… Cool” (if the Zestimate comes in higher than expected)

The bottom line is that if it is low, it must be wrong, and if it is high, then it must be right.  It is pretty rare for someone to see a low valuation and think it could be right, or see a high valuation and think it could be wrong…

But let me tell you a truism… the Zestimate is wrong.  Blanket statement.  It could be high.  It could be low.  It isn’t dead on.

Here are the current levels of accuracy for the Atlanta Statistical Area…

Within 5% of the true value, 25% of the time.
Within 10% of the true value, 45% of the time.
Within 20% of the true value, 66% of the time.
Median error, 11.6%.

This is lifted straight from Zillow’s accuracy.  For the Atlanta MSA, you are within 5% once out of 4 times… So, are you telling people that the just gave them a $400,000 valuation, and they have a 25% chance of the house being worth $380k – $420k?  And a 10% chance of it being worth either $$360k – $380k or $420k – $440k?  Or that there is a 10.5% chance of it being worth either $320k – $360k or $440k – $480k?  Or a 34% chance that it is worth less than $320k or more than $480k?

Maybe you will let them know that about half of the time your $400,000 valuation is worth $446,400 or $353,600… since the median error is 11.6%

The thing is that the Zestimate could rise or fall by a significant percentage and still be within the range of error..

So, the thing is that 75% of the time, Zestimates are off by more than 5%.

Now, I am not going to argue with Zillow’s national or regional data.  It is likely to be much closer than the data for a specific property.  The folks there argue (and I can’t refute them in any way) that Zestimates are as likely to be high as low and therefore cancel each other out and that for larger samples, they are quite accurate.

in fact, everyone that gives you an estimate of market value is doing exactly that… giving you an estimate of market value.  Market value can’t be determined until there is a buyer…  That was the previous post…

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Social Networking and Breakfast!

We have a little bit of time, but we all know how time sneaks up on us…

Thursday, July 23rd 7-9am

I am teaming up with Ken Cook to facilitate the Social Media Breakfast series in Atlanta.  In a nutshell, we would hold regular breakfast meetings to discuss how to better implement social media and social networking for business.  There would be both expert presentation and round table discussion.

Of course, there would also be time set aside for some actual face to face networking and eating…

The first event will likely be in Gwinnett, with future events moving back and forth between Gwinnett and Cobb.  The idea is to hold meetings in different parts of the Atlanta Metro in order to allow perticipants to be able to meet up with people that are in their area.

I will be updating this blog as well as my other blogs with new information as it becomes available.

You can find me on FaceBook, Twitter and Flickr… as well as a bunch of other places.

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New Listings…

Busy Florida street
Image by lrargerich via Flickr

Things have been pretty busy around here.  We have been rolling out some new listings…

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590 Baltimore Ave in Lilburn… now available

DSCN2831
Image by lane.bailey via Flickr

I actually took the listing last week and got it set up.  The website is now up, although it is still getting some more tweaks and additions.

590 Baltimore Ave, Lilburn, GA 30047 is being offered at $400,000.  And it is an exceptional property.  Four bedrooms, three and a half bath, and two 2 car garages.  There is a full finished basement.

This is a really cool place, and there isn’t anything else like it.  From the long winding driveway through the three acres to the house surrounded by woods and the creek, the house transports you to another place.

But it is only minutes from the center of Lilburn, US 29, I-85 and much of the drivers of economic growth in Gwinnett County and the Atlanta area.

Visit the website.  Enjoy.  If you have any questions, don’t hesitate to give me a shout.

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