- Zillow reports their Zestimate is within 5% of actual market value 70% of the time. That means they are more than 5% off almost one-third of the time. Maybe, that's why mortgage lenders are still requiring appraisals. Click here for Zillow's own accuracy details.
- Gyrations in mortgage rates affect your home affordability much more quickly than actual home prices. For example, if interest rates go from 4% to 5% you will be looking at $560,000 homes instead of $700,000 homes assuming the exact same monthly mortgage payment, and there is a world of difference between those 2 choices.
- Washington, D.C. is the geographic center of our real estate market. If you move your home one mile closer, it will gain approximately 2% in value. If you move a $1,000,000 home 10 miles closer it gains about $220,000 due to compounding.
- An exhaustive study of home sellers who have had a series of different agents marketing their home, finds that in every case, it is the very last agent who finds their buyer. Sellers, save time: Identify and hire the last agent first and sell quicker!
- Virginia is a "deed of trust" state. The deed of trust simplifies and expedites the foreclosure process. This might explain why Northern Virginia's real estate market led that of Washington, DC and Suburban Maryland as we all emerged from the turmoil of 2006/2007.
- Have some fun: The next time you hear some Wall Street guru talking about real estate on TV, email or call in with this question: When is your program going to have a group of Realtors advising what stocks to buy?
- Over 95% of all homes are sold through the MLS. This means that the information entered into the MLS computer is critical. The listing agent is a home seller's connection to the buyer. Learn how to check your agent's computer literacy here.
- Interesting: During the worst real estate market in many decades (in the mid-1990's) the average home price in the Washington, D.C. area was nearly constant, actually rising 2% for the 7 year period.
Hot Tip: The best way to search for all local homes on the market is through the special link under the "Buy a Home" button on the left. Tell your friends!
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Your Friend in Real Estate, LLC
Arlington, Virginia, USA
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