On Being Wrong

Most highly successful people are wrong most of the time.  In my opinion, one of the major differences between the successful and the not so successful is taking action. The CEO of Zillow.com listed his house last July for $1,295,000. The Zestimate from his own company was $1,626,772. It sold on 2/29/2016 for $1,050,000. His company was wrong by $576,000 (that’s a huge 35% mistake). Why? Because Zillow is an advertising company not a real estate company. Internet sites are notoriously wrong in evaluating real estate values. Why? Because they never actually visit any homes.  I’m in the field visiting homes every day to gather and transmit knowledge to buyers, sellers and agents. Mark Twain said “When you find yourself on the side of the majority, it’s time to pause and reflect”. In today’s economic climate, the majority of barrier island property sellers and buyers are confused about whether to sell or buy. When we don’t have certainty we tend not to act. Listing inventory is down and so are sales. Our beach towns are not yet fully recovered from the last real estate recession and indications are that we’re heading into another one. I recommend that if you plan on selling this year do it now before inventory skyrockets and prices decrease. At least, find out what it’s worth. Why sell now? Because the kids don’t come down to see us, because of student and credit card debt or we’re going up north to be closer to our kid, our house is old and we can’t remodel because of flood insurance, kids don’t want our big house so we’re downsizing, we want to move downtown because there is more to do, flood insurance is going to make our house unaffordable, it’s time to move to a condo or maybe we should build new on our lot. Every day I hear these points from owners but the majority feel that the reasons for selling or buying are not compelling enough to make them move. So here we sit until some outside event forces us to act. I see the sloppiness of our beach market soon heading for a big increase in listings and lower prices. I also see high value of our beach lots leading many buyers and owners to build new rather than buy old.

Am I wrong? Call me or come to our weekly 1-hour discussion Tuesdays from 4-5 pm at 5050 Gulf Blvd. St. Pete Beach. All of our personal situations are different so one size doesn’t fit all of us. Let’s together look at pros and cons of buying or selling and make an informed decision out of all this confusion in our marketplace. An informed client is the best client to work for. 

In closing, before you sell or buy, investigate. I have a contract with an analytics provider to show the current value of most addresses. It allows you to correct any misinformation that you discover about your home. Go to propertywizardteam.smarthomeprice.com  and we’ll email your value…it’s free with no obligation. I also suggest that you check values on other sites. Just google an address and other analytics sites will come up. Be careful, because the prices they give are often too high or low compared to reality.   All the best, Jim “property wizard” Beggins
By Jim “Property Wizard” Beggins, broker, CENTURY 21Beggins Enterprises, with 11 offices and 400 agents serve Pinellas, Hillsborough, Manatee and Sarasota Counties. Since most opinions about real estate can be supported with facts. I will inform you to the best of my ability so you can unconfuse the facts to your personal advantage. I think I can use my “hands on” experience in Florida real estate since 1970 to achieve your desired outcome. Please let me know how I’m doing. mailto:jimbeggins@c21be.com 727 254 8144 Cell. Call, text or email with any questions.