Monday, May 21, 2018

Zillow is the Boss of All that is True and Right in the World (according to Zillow)

Disclaimer: This is not advice to you, my three-ish readers, but just words in general: we are in a boom market. If you want to sell and make a few bucks on your home, now's the time. If you want to sell AND STILL NEED A PLACE THE SAME SIZE AS THE HOME YOU HAVE RIGHT NOW, maybe not. That's why the Sunshine family isn't selling. We have nowhere to go. We don't qualify for a mortgage. We have two pets and a less-than one year bankruptcy, so on paper we aren't exactly stellar renter material either (though we know how to be fabulous tenants).

A Generic Above-Ground Pool that adds no value to one's home. 
I bring this up because Liam and Inga want to sell. They bought their home from me three years ago. Their home has appreciated in value. But, they refinanced last year and "put in a pool." So, now Zillow swears they have ample equity. Except the pool they put in was one of those above ground-disposable types that won't last more than five years. So, no value there and the money they used in their refinance is gone--but they have a higher mortgage payment. In fact the mortgaged amount is pretty close to what their home is worth.

But they won't believe me that their home isn't worth what Zillow says--even though I have given them accurate and concrete data. I can see how this will go already. They will argue until they are blue in the face, allow me to list their home and fire me when they don't get what they want for their home (it doesn't have a pool and they already mortgaged away their equity!). And only then, will they listen to the next real estate agent who comes along and tells them the same exact thing. "You will make no money if you sell your home right now. Don't move."

Plus, they still need somewhere to live. I have asked about six times where they would be moving to. I am getting cryptic answers that range from "around," to "we haven't exactly decided." I am guessing they have decided, and just aren't forthcoming with the information.

Nevertheless, Liam and Inga are talking to me about selling their home. They don't like what I am telling them (you have no equity nor can I accurately market this home as a property with a pool) and my guess is I won't be their agent very long.

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