Sep 27, 2015
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 and "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.
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.