What Are iBuyers Missing?
Here’s why Zillow and other iBuyers just can’t quite pinpoint home value.
What if you could just click a button and sell your home for the absolute most money possible? You can, and I’m going to share how today.
We live in a world of modern conveniences. Click a button, and something’s at your door, whether it’s a ride, a product, or food. Should that be the strategy we use to sell a home? Yes and no.
An algorithm can only tell you so much about a home’s value.
Zillow recently lost $550 million by using their proprietary algorithm to appraise and make offers on homes. They ended up having $2.8 billion in unsold inventory and shuttered the whole home-buying division before the end of last year.
The reason this program failed was that it was missing the human element. There needs to be human oversight of an algorithm like this because it can only tell you so much about a home’s value. An algorithm can’t factor in the appeal of a neighborhood, a home’s specific location, or the experience you have when walking into a home.
For most people, your home is the most expensive thing you’ll ever sell in your life. One thing to think about as we go into 2022 is making sure you have all your options on the table. It’s still good to be able to look at what cash buyers, iBuyers, and the open market will offer you.
If you want to find out what your options are for your specific situation, don’t hesitate to reach out via phone or email today. I look forward to hearing from you soon.