Zillow Made a Mistake Buying Homes

Here’s why Zillow shuttered their home-buying program at the end of 2021

Something happened at the end of 2021 that you might not have heard about. Many people visit one platform when they look for available properties. The name of that platform is Zillow, and for the last few years, they have been not only marketing homes but also buying them.


Zillow would make an offer on a property without seeing it, close that transaction, and send someone out to renovate it. They were buying and rehabbing houses all over the country, but at the end of 2021, they shut down that program.

At the end of the day, nothing can replace a seasoned agent.

It’s funny because clients used to bring up Zillow’s estimate at listing appointments. To me, those numbers felt like they were as much as 25% over or 35% below the actual price. It was interesting when Zillow announced that they would start buying properties based on these estimates.


After a couple of years of trying this, it turns out Zillow was losing money on almost every house they bought. They obviously hadn’t gone the right way with their algorithm. At the end of the day, nothing can replace a seasoned agent who knows the market, lives in the area, and works in it every day.


On top of that, every market is different, and every market changes. It can depend on what’s in the newspaper that day or what announcements were recently made. There are just too many pieces for an algorithm to put it all together. It was interesting to see if Zillow could succeed, but they couldn’t, and that’s why you still need to depend on your local experts.


If you have any questions, or if you truly want to know what your home is worth, please call or email me. I’d be happy to do a home valuation for you.

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How to Choose a Buyer in Multiple-Offer Situations

This strategy will help you choose the best buyer in multiple-offer situations.

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What happens when you get multiple offers after listing your home? This is a question we’re receiving on a daily basis, and that’s because it’s such a common occurrence in today’s market. Here’s how we typically approach the situation. First, we see which offer you like the most—for example, it might be above the asking price, it may be an all-cash offer (make sure to check for proof of funds), or it may have no contingencies. If it checks all your needs and wants, it’s probably a good offer to go with.

"Every seller is looking for something different, but these strategies can help you narrow down the options and hopefully make things a bit easier."

If you have multiple offers that are similar but have different contingencies or concessions, however, it can be difficult to figure out which one is best. Our solution is to go back to all of the buyers and let them know we’re making a decision the next day, so they should put in their highest and best offer by then. We explain what might help get the offer accepted, such as fewer contingencies, a higher purchase price, a longer closing date, etc. The agents will then get back to their buyers and figure out how they can improve their offers, which helps the seller get the best deal possible. Every seller is looking for something different, but these strategies can help you narrow down the options and hopefully make things a bit easier. If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.

We’re Seeing More Low Appraisals Lately

My experiences with appraisals not meeting the contract price.

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When you sell your house and the appraisal does not meet the contract price, what do you do? This has happened to me two or three times in the last month, despite only happening to me five other times in the last 16 years. For it to happen three times in the last month is a big deal. The great news was that I still closed all three transactions. One of the properties sold for around $195,000, although the appraisal came in at $185,000. The seller actually purchased that home from us two years before the close date for $150,000, so they made quite a bit of money. When the appraisal came in $10,000 under, we went back, renegotiated the contract, and ended up only moving about $5,000 total. I had another deal that came in $40,000 under the appraised value. I called the buyer and asked them how they would like to handle it. They said, “We love the house and we want it. We really don't care what the appraisal says. We have the funds to pay the difference.” So we went to closing with an appraisal lower than the contract price and the buyer was still thrilled with the transaction.

"These are the kind of sticky situations that you run into when selling your house."

Those were two great situations for the buyer and the seller. Everybody was happy, but what happens if the appraisal comes in under contract price and the buyer doesn't want to move forward? You have a couple of other options. In today's market, I'd be fine with that happening if it was my property. I would put it right back on the market and probably sell it for a little bit more depending on what was going on in your area. These are the kind of sticky situations that you can run into when selling your house. I've seen more people out there sell their house as a FSBO listing during these times because they think it’s going to be incredibly easy in a seller’s market. It's one thing to sell a house, but it's another thing entirely to close the house. When it comes to buying and selling homes, our team's here for you. We’ve closed over 3,000 transactions in the last 16 years, and we’ll do whatever it takes to make sure you're taken care of. If you’re looking to buy or sell a home, don’t hesitate to reach out to us. We'll be happy to help you.

My Advice for Handling Multiple Offers

Here’s my advice on how to handle multiple offers in this market.

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Whether you’re listing your home in Northeast Arkansas or anywhere else in the U.S., there’s one trend I keep seeing over and over: If the home is clean, neat, and ready to sell, most of the time it’ll get multiple offers. What’s the best way to handle multiple offers, though?

For starters, hopefully your listing agent lets other agents know that there are multiple offers on the table. Sometimes this scares other buyers off because they don’t want to get into a bidding war. However, we’ve found that after these same buyers have lost out on a house or two (or three), they’re willing to step up to the plate because they understand they’ll have to engage in a bidding war if they want a house in this market. 

"When you have multiple offers, why not play them against each other?"

That said, my team and I use the ‘highest and best’ method when handling multiple offers. Let’s say one of our sellers gets three offers for their home: one for $10,000 over asking price, one for $11,000 over asking price, and one for $12,000 over asking price. Let’s also imagine that one of these offers is an excellent offer—an offer the seller might even be willing to accept. When you have multiple offers, though, why not play those offers against each other?

In this case, we’d contact each agent, tell them we have multiple offers on the table, and give them notice that we’ll go over all the offers at, say, 5 p.m. If they want to leave their offers as they are, that’s fine, but now they know there are multiple offers on the table, and there’s a good chance the seller won’t counter any of them. They’ll probably just accept one of them because they’re all at or above list price. Now their client has the opportunity to put their best foot forward. 

Three to six months ago, if a buyer would’ve written an offer for a property, they probably would’ve gotten a counteroffer detailing which terms the seller would accept. Nowadays, the seller doesn’t have to do that. You can basically say that you have other offers and need the highest and best brought to you by a certain time. At that point, you can go over the offers and pick whichever one suits your needs. 

If you’d like to know more about juggling multiple offers, know what your home is worth in this market, or are thinking of buying a home, don’t hesitate to reach out to me. I’d be happy to help you.

Can You Still Buy or Sell Property at the End of the Year?

Is it a good idea to buy or sell during the later months of the year? Let’s find out.

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Many people assume that it’s a bad idea to buy or sell property in the later months of the year, but this isn’t actually the case.

In fact, November 2018 has been our team’s biggest month of the year in terms of total transactions—despite interest rates being at a seven-year high.

There are still plenty of opportunities for buyers and sellers in the fall and winter market. From a seller’s perspective, for example, the limited inventory offers the chance for your listing to shine. 

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November 2018 has been our team’s biggest month of the year in terms of total transactions.

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Also, buyers looking for homes at this time of year tend to be more serious and motivated. Between this and the decreased level of competition, sellers who list in fall or winter have a lot of leverage. 

As for buyers, now is a great time to secure a property before rates rise even more. There are still listings out there.

If you have any other questions, would like more information, or are curious how we can help you achieve your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.

The Advantage of Listing Early

If you’re thinking about taking action on the real estate market in the new year, doing so sooner is better than later. 

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“How do I assess my real estate needs in the new year? January is here, so how soon do I put my house on the market?” Questions like these come up a lot in my field, so I’d like to take some time to give my thoughts about them.

Let me tell you what happens at the end of December: Come December 31, multiple properties expire from the MLS—anywhere from 100 to 200 properties.

What does that mean for you? That means that a large chunk of competition is no longer on the market. 

Since so many For Sale signs are being withdrawn this time of year, January is the time you need to take advantage of to get started on your real estate goals. The reduced competition in a market where inventory is already low will make your home stand out to the buyers out there.

Get a jump on the competition and list early.

If you’re even thinking about it, don’t wait until the grass turns green to list your home. If you do wait until spring when everyone else is putting their home on the market, you’re just going to turn yourself into another number. Get a jump on the competition and list early.

If you have any questions or need help getting started, please feel free to give us a call. We can help you find the value of your house or help find you a home that’s right for you. Hope to talk to you soon!

How Is Your Home's Value Determined?

How do we determine the value of your home? Today I want to explain the process in more detail.

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We in the real estate world do something that’s very similar to what appraisers do to calculate a home's value. We will get your address and detailed information about the property such as size, square footage, amenities, and the overall condition. Generally I’ll ask, “On a scale of one to ten, how is the condition of your home?”

Once we have that information, we’ll take it and compile data from other buyers who have bought property within and around the area and have school districts, similar locations, layout, and amenities. We’ll then put all of that data into a program and it will give us a number that we feel is a good idea of what we can market your home for.

What we do is similar to what an appraiser does, without the added expense.

What we do is very similar to what an appraiser does, just without that added expense of hiring an appraiser to do that appraisal separately. We do these home evaluations all the time and we do them for free. We do multiple evaluations each day, so we’re very familiar with the neighborhoods and the activities that are going on in and around the area.

If you have any other questions or you’d like to get your free home evaluation, give us a call. We’d be happy to help!

7 Ways to Keep Your Home in Constant Tip-Top Shape

Regardless of whether you plan to sell your house, it’s good to keep it in tip-top shape. Here are seven ways to stay ahead of the curve.

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Whether you’re selling your house or not, it’s important to keep it in tip-top shape. Here are seven of the best ways to do that:

1. Turn off the lights: This helps keep your energy bill as low as you can because you never know when that $5, $10, or $15 might come in handy for other things around your property. 
2. Don’t let the water run: I know it’s easy when you brush your teeth in the morning but it’s just money going down the drain, literally. 
3. Fix any drafts you feel around the house: There are a ton of great products at your local hardware store that can make a dramatic difference in your utility bills. You’ll be more comfortable, too.
4. Remove your shoes: The cleaner and neater your property is, the livelier you are if you’re like me. It’s also a lot less maintenance.
5. Wash your windows regularly: Cleaner windows won’t just contribute to your home’s overall cleanliness, they’ll make it brighter by being constantly clean.
Conduct mini-inspections of the things you don’t see all the time.
6. Conduct mini-inspections: Walk through your property and check out the rooms you’re not always in or the closets you don’t always use, as well as things like the hot water heater. After all, when’s the last time you looked at your hot water heater? When’s the last time you looked at your furnace? There are a lot of safety mechanisms that could have an issue you don’t even know about. 
7. Change your A/C filter every month: You might have a 10-year-old unit that looks like it’s more than 30 years old just because the filters weren’t changed and it has to work that much harder. If you have a grimy filter, that’s the same air you breathe every day. 

If you have any other home maintenance questions or you’re thinking about selling your Jonesboro house, don’t hesitate to give me a call or send me an email. I’d love to help you out!

Why Winter Is a Great Time to Sell Your Home

Why is the winter season a great time to list your home? There are four specific reasons I’d like to share with you today. 

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Every year at this time I get asked, “Should I sell my house during the winter season?” Most agents will say yes because they want to sell your house anytime of the year. Today, though, I wanted to let you know some facts about what makes the winter season a great time to sell your home. Here are four reasons to list your home during the winter: 

1. There are fewer homes on the market, which means less competition. If a buyer has more options, as they would in the spring, they aren’t going to bid as aggressively for their first choice, as they have fallback options. However, at this time of the year, with fewer homes on the market, they need their first choice to work out. This will make them more likely to present a better offer for your home. 
2. The National Association of Realtors has studies that show that most people get a higher list-to-sales price this time of year. If you are skeptical, you can find the data to back up your decision to sell and feel more at ease putting your home on the market. 
You can use the holidays to your advantage.
3. Buyers are more serious. Let’s face it, with the weather getting colder and the landscape turning brown around us, now isn’t a very fun time to buy. If a buyer is braving the cold to see your home, they mean business. 
4. You can use the holidays to your advantage. Most people think selling during the holidays would be a hassle. However, buyers respond to well decorated homes, so holiday decorations will make it look even prettier. Also, because you might have already planned on entertaining guests, your home is clean, neat, and ready to go for showings. 

If you have any other questions about listing your home this winter, feel free to give me a call or shoot me an email. I’d be happy to help! 

Only 2 Improvements Bring a Positive Return in Jonesboro

Throughout the decade I’ve spent in the real estate world, I have yet to find a home improvement homeowners make that nets them a positive return on their investment when it comes time to sell. Not until recently, at least.

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Have you considered making improvements to your home at any point? Are you considering whether they will make you money in the long run?

So far over the last 10 years that I’ve been in this profession, everything that I’ve seen, read, and studied says that if you spend $10,000 on a renovation of any type in your home, the return is going to be in the range of $8,000 to $9,500. It just doesn’t make sense to spend that kind of money and not get a 100% return.

The good news is, I did just come across some information that is relevant and specific to the Jonesboro area, saying that one way to improve your home and to recoup more money than you spend is by adding insulation to your attic.

The reason for this is because home inspectors will go into your attic and measure how much insulation is in it. It normally doesn’t meet their requirements.

In our area, only these two improvements bring a positive return.

This report showed that if you spent $1,250 on additional insulation in your attic, you would get up to $1,700 back on your investment.

The second thing that will get you a positive return, according to this report, is manufactured stone veneer. This can really make a bump-out window or peak really pop and give you that extra curb appeal. It can cost anywhere from $2,500 to $5,000, but the report shows that you’ll get more than that in return when it comes time to sell.

If you have any questions about these two home improvements or you’re thinking about buying or selling a home, don’t hesitate to give us a call or send us an email. We’d love to hear from you.

How Do You Know It’s Time to Move in Jonesboro?

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There are some surefire signs that it’s time to sell your house that you shouldn’t ignore. They fall into three topics.

1. You’re cramped. If you’ve added kids, cats, or dogs to your family since buying the house, or maybe you’ve just acquired a lot of stuff, your home could just be running out of space, and it’s time to move up. Typically what we see with first-time home buyers is that they’re calling us back in about two or three years letting us know that their starter home is running out of space.
2. You’re over the neighborhood. Many people first move into a kid-friendly neighborhood with younger kids, but don’t want to live in that demographic when their kids are grown, and they want a more adult-friendly setting that’s laid back without the bikes, skateboards, and noise.
In this market, some people can’t afford not to move!
3. You have too much space. This is common with people who have retired and all their kids and family members have moved out. They have a huge 5,400 square foot house with just two people, and it’s just too much space to maintain. I recently worked with a client in this position who wanted to move down to a 1,700 square foot house.

Another reason we’re hearing right now in the Jonesboro market is that some people simply can’t afford not to sell. With interest rates as low as they are and buyer demand where it is, many people can clean up their homes and make a lot of money selling right now.

If you’re in the market looking to sell for any of these reasons, you can find out what your home is worth right here on our blog. If you have any questions, don’t hesitate to give me a call or send me an email.

How to Handle Lowball Offers in the Jonesboro Market

What happens when you’re selling your home and you get a lowball offer? This is a question and a situation we deal with frequently.

First, I would say congratulations on getting an offer on your home. It may be a lowball offer, but we encourage people to respond well and be gracious that it came in. There are a lot of properties sitting on the market with no offers at all. What we normally see with these lowball offers is that if we respond back in a timely manner with something reasonable, that potential buyer is usually open to negotiation, and the deal comes together.

I’ve seen offers come in as low as $70,000 below list price, and we still ended up selling the property within $2,000 of the actual list price. So to start, don’t take it personally and don’t get your feelings hurt by a lowball offer. Put a strategic number out there, and when you counter, have your agent prepare some comps for the sale to show why you’re sticking to your guns and staying around your same price.

Don’t take lowball offers personally.

Maybe when you put those comps together and you’ve been on the market for three months or so, you find out that you were priced a bit high, and you need to come down a bit. It could be an eye-opening experience both ways.

Think about what you would do as a buyer. Are you going to write a full-price offer? Probably not, because you want the best deal possible as well. Treat that buyer with respect and give them something back in writing. Many times we have sellers that don’t want to counter back at all, but we always want to put something together to see if we can end up agreeing on something.

If you’re interested in buying or selling a Jonesboro home, give me a call or send me an email. I’d be happy to answer any questions you have.

Why Isn’t My Jonesboro Home Selling?

If your home has been on the market for a while, you’re probably wondering, “Why is my home not selling?”

The first thing you should look at is your list price. Price is the main factor that prevents a home from selling. Thanks to the Internet, people can do all the research they need when they are looking at homes. Buyers will know if your home is overpriced.  

Nowadays, buyers can see other properties in your area, look at what those homes are selling for, and decide whether your home stacks up against the competition. If your home is $5,000, $10,000, or $20,000 off, that will throw you right out of consideration. Some buyers won’t even bother coming to look at your home in person.

An incorrect price is the main factor that prevents homes from selling.

The second thing that might be keeping your home sitting on the market is marketing. If you are not listed on the MLS, your home is not getting any exposure. If you are working with an agent, you should ask about their marketing plan. There are about 400 active agents in our area and most are working with a few buyers, so if you’re not getting that exposure from the MLS or your real estate agent, that could be why your home isn’t selling.

We are here to make sure you are on the right path when you are selling your home. If you have any questions, give us a call or send us an email. We would be happy to help you!

Is the Buying Season Almost Over?

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It is still hot outside but we are approaching the end of summer. Kids are about to head back to school. Around this time, home sellers usually ask, “What do I do if my home hasn’t sold yet? Should I take it off the market?”

It is true that people buy houses during the summer time. It is a transitional season; kids are out of school, which makes it easier for families to move. However, most people don’t buy houses based on the time of the year.

Most people buy houses because of a major life change. Maybe they’re having a baby or just got married. Maybe they are getting a divorce or job transfer. Does the time of year come into play here?

No. At the end of the day, people get transferred, married, divorced, or have kids at any time of year. There are always buyers out looking for a home. Just because you are coming to the end of what some agents and the media call “the buying season” does not mean you cannot sell your house. There is no real “buying season.”

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No matter what season it is, buyers will always be out looking for homes.

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On the bright side, many people will pull their homes off the market and wait for next spring. By staying on the market, you will have less competition and your home’s value will go up. So keep doing what you’re doing - keep your home clean, neat, and show ready so we can get it sold for you, even when summer is over.

If you have any questions, give me a call or send me an email. I would be happy to help you!

How to Accurately Price a Home for Sale in Jonesboro

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There are several things to consider when your home is priced.

First, you have to look at comparables - what else is on the market and what else has sold in your area lately? That’s what an appraiser will look at when considering the numbers. You also have to consider the competition. How many other for sale signs are in yards around your neighborhood?

You must also consider your contingencies. Look at if there are new homes being built in your neighborhood, or are they all resale homes?

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You also have to consider the competition.

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Most importantly, be accurate. The best way to do this is by calling a real estate professional, like us. Every single day we look at homes so we can give accurate estimates, and we put reports together every single day as well. Here at Burch & Company, we use a report that measures the absorption rate, or how many buyers have been in and around your area, how many properties have sold in and around your area, how many properties are listing in the area, and how long it took those properties to sell.

With that info, we can give you a very detailed amount down to the dollar that we feel we can list your property for, and what we feel it will sell for.

If you have any questions on this, please reach out to me! We look forward to serving you and your family.

How to Get Your Jonesboro Home Ready for Photography

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We’ve already discussed how important it is to have your home professionally photographed, but now you need to know how to prepare for your home’s photoshoot. 

When preparing for a photographer, you will need to declutter your home, focusing on areas like closet floors, counter tops, and living spaces. Buyers like to see lots of storage space and clearing those areas of clutter can make your home feel much larger.

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Clear off your countertops!

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You will also want to open up your windows, turn on all of your lights, and possibly even turn on your fireplace. Having a clean home also goes without saying, but this is often not taken seriously enough by sellers. You have to clean like you have never cleaned before!

We also send out a packet that includes a list of things you need to do to your home to prepare it for a photoshoot. We do this so that when we show up, your home is ready to go and it looks as good as it possibly can. 

Please don’t hesitate to contact us if you’re interested in receiving this packet!

The Key to a Good First Impression with Jonesboro Buyers

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Our team here uses a professional photographer for our marketing, and there are key reasons why it’s important in today’s modern market.

Your first impression of a home is your best impression. For most buyers, they start their home search online, so that’s where you need to make that great first impression. Properties that have the best photos are the ones that they are going to see when they begin their search.

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You never get a second chance at a first impression

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You want to avoid any kind of dark, grainy, or low-resolution photos. When you put pictures like that up on a website or on the MLS, it isn’t very appealing to buyers, and you likely won’t capture many buyers.

The pictures of your home need to be in high definition and taken by a professional photographer. Wide-angle lenses help tell the story of a home by capturing the home from ceiling to floor.

Think about the box of cereal that sits on the shelf at the supermarket. More money is spent on the packaging than the cereal inside the box. That’s how important making an impression is!

If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you!

How to Prepare Your Jonesboro Home to Sell This Spring

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Today we are just going to take a few minutes to answer the question, “What do you need to do to prepare your home for the spring market?” There are many things you can do to entice buyers into purchasing your home, here is where we suggest you get started. 

Curb appeal is essential to a successful home sale. You don’t have to spend a ton of money on renovating your yard or your front porch, but adding a pop of color here and there and making sure everything looks good goes a long way. If anything is torn, tattered, or broken, fix or replace it. You want the buyers to see a pristine home on the outside, so they will be more likely to visit and examine the inside of your home. 

We specialize in getting your home ready for sale and would be happy to give you a honey-do list of sorts of things you can do to be ready. It’s usually nothing too big, and sometimes nothing at all, but there are a lot of ways to add value to a home and we like to do our due diligence.

If you have any specific questions for us or want more advice on getting your home ready to sell this spring, give us a call or send us an email. We'd love to hear from you!

Why Do Some Jonesboro Homes Sell for More than Others?

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People will occasionally ask me why a certain home will sell for a certain price. Sometimes you will see two very similar homes in similar areas sell for very different prices. 

So, why does this happen? It really comes down to how much value a buyer sees in a particular property. The market is controlled by home buyers, because they are the people that are actually buying the homes, and they largely determine the price of properties.

Of course, location, condition, and the quality of the agent selling the home will help to determine the price. It's my job as an agent to help buyers see the value in your home and thereby increase your sale price, so working with a good agent will always help to make your home sell for more money.

If you need any help buying or selling in Jonesboro this spring, please don't hesitate to contact me!

Fall & Winter Real Estate Tips in Jonesboro

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What should I be doing to sell my home this winter? The grass is drying up and the leaves are falling down. Selling during the colder months is completely different compared to the spring and summer. Today, we’ll share some strategies to help you sell your property this winter.

Curb appeal is still important. It’s vital to have that pop of color when prospective buyers pass by. Captivate that welcoming feel. You want to make your home stand out compared to the rest. Think about adding flowers to your home.

Ensure gutters are cleaned out. This will save you time, energy, money, and frustration if handled ahead of time. People notice when water flows over the gutters, instead of freely flowing through the gutters, especially when touring homes during rainy weather.

Keep the inside of the home neat, clean, and organized. There’s nothing too different about the inside of the home during the winter. The inside of the home should always be tidy and polished for prospective buyers to walk through.

As always, please feel free to give me a call or email today if you have any questions. I’d be happy to help you!