Don't Become a Zestimate Victim deals with the issues that, in my opinion, pose dangers to sellers and buyers who unwittingly rely on those so-called home value estimates posted by online real estate advertising websites, such as - BUT NOT LIMITED TO - Zillow.com and Trulia.com.
I start this episode by generally explaining the concept of value. I also explain, that, because value is so subjective, there's no scientific method for arriving at a precisely "correct" value. Even as a professional appraiser, I can only offer my clients an "opinion" of the value of their property.
I also point out the significant differences between the vastly inaccurate home value estimates frequently stated on the various real estate advertising websites and those provided by your local, professionally competent real estate agent and appraiser who analyze the most recent and most relevant local data to provide the most accurate value estimate you can obtain.
Although, Don't Become a Zestimate Victim is primarily directed toward home sellers, the same issues also effect home buyers, as well.
Here are a few links to other articles on this subject:
Don't Rely Too Much on that Online Home Value Estimate NerdWallet.com
Inaccurate Zillow 'Zestimates' a source of conflict over home prices Los Angeles Times
Low "Zestimates" on Zillow Turn Off Homebuyers USA Today
NOTICE: The term Zestimate is the Zillow.com term for their home value estimate. I use the term as a generic label for ALL online home estimates. It's neither my intent nor the purpose of this opinion piece to isolate Zillow.com for criticism, and it should not be interpreted as such.
I'd love to hear from you about any experiences you may have had using the information from an online real estate advertising website. I'd also like to hear any comments or questions you may have on this subject.
If you'd like to share your experiences or thoughts, just click on the Start recording button below and leave me a voicemail message right from your computer. Or, you can send me an email, if you prefer.