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Sellsius Siph Blog
Fantastic! It’s like watching a car crash. You can’t look away. Shame on his Realtor though that he would have to go to a message board to get validation instead of from her. Serious problem there.
Thanks for the pointer. I agree with EDYN that from the buyers’ account it seems appropriate to doubt the “gut feel” placations they’re hearing. Thanks to Zillow, this buyer started to ask the right questions (albeit a bit late).
We don’t know where the property is but let’s assume that the Zestimate is inaccurate - even “way off”. If so, this story illustrates how even inaccurate Zestimates result in better informed real estate consumers. It also illustrates how the questions those consumers have now started to ask can raise in the industry as a whole.
The real estate consumer is slowly moving out the “ignorance is bliss” era. Some of that transition may be painful to watch but overall it’s very good to see.
Typo;
“can raise in the industry” should have been “can raise the bar in the industry”
Note to self; first coffee, then blogs.
Hi David
Yes, I agree—coffee, then blogs
Let’s say the zestimate is inaccurate (way off)–it is causing this buyer to have second thoughts. This is an inefficiency created by a faulty zestimate and the buyer could walk away. Not good for the seller, not good for the buyer, not good for the industry.
If the zestimate is accurate– then the hesitation is good for the buyer, not for the seller (or LA). As for the industry–who knows–maybe there is 1 less sale, maybe a sale at a lower price.
Problem is —this buyer does not know if it is accurate, a little off or way off. The specific zestimate is not self-validated by zillow’s overall error rate (I’ve been trying to tell you this for a long time). Consequently, the unknown accuracy’s doubt has caused a barrier, which is an inefficiency to the transaction which can result in the loss of a sale.
Transparency is painful when it is undependable.
Every time I read a response to a Zillow issue, I understand completely how and why David G got the job. Spin, spin, spin…
What Zillow has created is consumers that rely too heavily on an undependable “tool” (as said so well in the previous post) that hurts the industry more than it helps it.
Zillow and other AVMs need to spend the time, energy and money to get it right and stop pretending and lying about how “accurate” it is when it’s not. You could be blowing a deal for no reason or helping a buyer get ripped off.
Danilo -
I appreciate the compliment but FWIW I have no background in either PR or marketing (my degree is in Mech. Eng.) This is an accidental job that grew out of wanting to help Realtors and consumers understand Zillow a bit better.
You misunderstand AVM’s. AVM’s will never be 100% accurate — we will improve Zestimate accuracy but Zillow does not claim that Zestimate values are 100% accurate. No-one is lying, no-one is pretending.
Go read this buyers’ story. Notice how prior to checking Zillow, the buyer hadn’t thought to ask their agent what the property is worth. Prior to checking Zillow, the buyer hadn’t thought to ask the agent to motivate their pricing recommendations. Thanks to Zillow, this buyer is now doing their due diligence. It’s a clear win for “Caveat Emptor” and yes, I must say that I think it’s pretty cool that even the few Zestimates that are way off can have such a positive impact.
No spin, just the facts.
It pays to consult a Realtor. Does it pay to consult Zillow? Only if the “zestimate” is 100% accurate. Zillow is good for fun & curiosity seekers, but definitely not the place to go when you’re trying to negotiate an accurate price for your home. If anything it confuses the parties in the transaction, but at least it gives them a starting point. David G - No need to respond. I know what you think. :*)
Also, a home is only worth what someone else is willing to pay for it. There is no way that Zillow or any other AVM can predict that in real time. No AVM will ever be at the negotiating table with you…only a Realtor can be there to guide you thru the process.
The questions also indicate that buyers do not know what goes into the zestimate calculation and what zillow LEAVES OUT— but which are important to buyers and affect value.
Consider these items of concern that affect value & are NOT in a zestimate:
New roof
Beautiful backyard
Professional landscaping
Porch not included in sq. ft.
Walking distance to stores
Nice color scheme
Quiet streeet.
THESE ARE THE UNZILLOWABLES.
Here is your proof David, that unzillowables exist and are left out of zestimates—-these are what causes the questions that zillow CANNOT answer.
…Seller’s Choice: Prozac or Realtor. Go Figure….
I think you all place too little faith in the consumer. We look at Zillow before every refinance transaction and print it out to show the homeowner.
Why? To get the homeowner talking, of course. It is a great third-party source for conversation starters. The best thing about it is that we have no responsibility for its accuracy (or inaccurancy).
Part of the fun of the Zestimate is that we challenge the homeowner to justify value. That always ends up with the conclusion; let’s get an appraisal and find out.
Zestimates have made our job easier; they should make Realtor’s jobs even easier.
Excellent point Brian. That makes sense. What happens when there is a gap— do they always side with the human appraisal?
We wonder if real estate agents are having the same positive experience explaining zillow. We hope consumers choose the professional’s opinion over zillow’s.