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Thursday, May 17, 2018   /   by Andy Mandel

What Zillow's Zestimate Tool Can and Can't Do

Many people wonder whether Zillow’s Zestimate feature can be trusted, so today I’d like to get to the bottom of this common question.
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You’ve likely heard of Zillow’s Zestimate feature, but can you really trust this online tool?

When Zillow assigns a numerical value to a home through their Zestimate feature, the figure is determined by a computer algorithm. And this algorithm is based on things like a home’s square footage and the number of bedrooms and bathrooms it has. It also takes into account comparable properties within a certain mile radius.

What the algorithm doesn’t take into account, though, is where issues arise. The problem with the Zestimate is that it doesn’t consider specific neighborhoods, upgrades, or other significant home features when it assigns a value to your property. A bathroom remodel or a ...

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  buyer, seller

Monday, April 30, 2018   /   by Andy Mandel

The 2018 Market So Far

Today I’m bringing you an update on how our market has done so far this year.
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Want to buy a home? Search all homes for sale.

Today I’m going to give you your 2018 Q1 market update.

For single-family homes, we had 946 come onto the market. That’s actually up 4.6% from Q1 2017.  As far as the number of closed sales, we only had 422 in the first three months of this year. That’s down 9% from last year. More homes finally coming to the market is a very good thing, but the number of sales are down.

Inventory is creeping up, which will affect pricing. In Parkland, the median price in Q1 was $620,000, which is a 3.5% increase. For a single-family home in Coral Springs, it was $390,000—a 5.4% increase. In Coconut Springs, that number was $345,000, which is up 6.97% from last year.

Based on these numbers, here is what I think will happen with more homes coming onto the market but fewer ...

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Thursday, April 5, 2018   /   by Andy Mandel

New Listing: 8820 NW 18 Street, Coral Springs, FL 33071

Fully updated waterfront home in Feathertree section of Ramblewood. NO HOA! Brand new flooring throughout the living areas, beautiful white kitchen w/ quartz countertops, & 2.5 REMODELED bathrooms. Vaulted ceilings w/ exposed beams in the XXL family room give this house a custom look with great character. Covered patio is great for BBQs & outdoor enjoyment. HUGE garage with tons of storage. Master bedroom features his/hers closets & cabana bath. Accordion shutters for low insurance! Roof replaced 2008! Call Listing Agent Andy mandel with REMAX for a private showing. 954-610-0563.

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Thursday, April 5, 2018   /   by Andy Mandel

Millennials Spend Nearly $100,000 on Rent by Age 30

Forty-five percent. That’s the percentage of an average millennial’s income that they’ll spend on rent between the ages of 22 and 30, according to a new study by RENTCafé. That definitely sounds like a lot—as does the $92,600 total amount they spend on rent during that time—but let’s add some context to the raw figure. How does this rent burden compare to that of previous generations?
RENTCafé’s study mined U.S. Census data to determine the each generation’s average income and rent burden during that eight-year window leading up to age 30. As their report states, “we looked at the average income representative for the ages analyzed, rather than the average income of the overall population, because people in their 20s, with limited experience in the workforce, typically have a lower income than those over 40 who are at the peak of their careers.” The data refers to single people paying the rent by themse ...

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  buyer, rent

Tuesday, March 27, 2018   /   by Andy Mandel

Buyer Demand Still Outpacing the Supply of Homes for Sale

The price of any item is determined by the supply of that item, as well as market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).

Buyer Demand
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only four states had a ‘stable’ demand level.

Seller Supply
The index also asked: “How would you rate seller traffic in your area?”
As you can see from the map below, 25 states reported ‘weak’ seller traffic, 21 states reported ‘stable’ seller traffic, 3 states and Washin ...

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  buyer, seller, home value, market update