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Clicking on your home's true worth

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Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"A Web site like Zillow will never replace the professional experience of a Realtor"

and a Realtor (with rare exception) will never replace a Competent, Ethical, LOCAL, Experienced Appraiser.
 
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Jim Hill

Member
Joined
Oct 13, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Think about it for a minute

In many parts of the country the only way to sell a home or condo is with concessions of some kind.

Are there any builders selling any new homes without offering all kinds of concessions?

The number that gets reported to most counties is the selling price.

Zillow takes this price and uses it along with thousand of other homes and their selling price.

In a market like we are now in how accurate do you think their numbers are going to be?

When people tell me the home just down the road sold for $200,000 dollars because they saw the selling price in their local newspaper their jaw drops when I explain to them about all the concessions that were made in order to sell it for $200,000

There was a years worth of homeowners insurance along with a year worth of taxes and don't forget about the car and furniture that were included in that price along with paying of closing costs.

How would Zillow ever know of this information?

In a stable market Zillow has a much better chance of being close but in a market like we are in now they are not very close at all.

Jim Hill
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"Zillow takes this price and uses it along with thousand of other homes and their selling price."

So do many Assessors and many MLS systems which do not post Concessions. The inflated prices, sans LIVE investigation by LOCAL Ethical Appraisers, are then utilized in AV-HUMS, BPOS, and CMAS as well.

Are Chief Appraisers at lending institutions aware of this - YOU BET. Are Bank Regulators? YOU BET.

"sufficient for the clients needs" and ........."JUST gimme the damn number".....reign supreme.

So much for credible "valuation" alternatives.
 
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