Zillow's Disastrous Influence

[InchingWest]

Zillow should completely get rid of it's "Z-estimate" as I think it does their company more harm than good.

Sellers will either complain that their property is not valued high enough, or they will be disappointed when buyers don't bite at a number too high.

Buyers are almost never going to trust the estimate, they'll look at what people are offering and negotiate down anyway.

[Granite60]

I live in a subdivision and one house sold at Zillow's estimate over the summer and the other house sold $18K under Zillow's estimate. As always and is the case on any thing, the worth of a car or house or anything is based on what a buyer is willing to pay. There was a house that sold in 2013 in my subdivision for $365K and this price is still the highest price house that has been sold in the subdivision where I live. I met the homeowner at a party and told her she paid a lot for the house at that time and she said she was from the Silicon Valley and the house to her was a bargain. I was a realtor for ten years in Orange County and Los Angeles County, I would always do a Property Analysis, showing the owner 3 or 4 comparable comps, price per sq ft. I always added for upgrades and pool. This one owner wanted to sell his house 15K over the comps in the area. Every Sunday I had a Open House, after six weeks there were no bites, realtors felt is was over priced but by week 8 he had a full priced offer. We were delighted and stunned. He sold his house at the highest priced in the area. It needed a drastic remodel and pool needed work.

[Hal Roach]

more like the value is based on what the banks will loan to the buyer, as evidenced by high appreciation during low down payment and other forms of easy credit.

[carrollvalley]

Originally Posted by BriansPerspective

Ummm... me?

Originally Posted by BriansPerspective

Ummm... me?

2

Thanks Brian.....I like your approach and education! Haven't settled on a new venue, but would love Prescott if it could be done.
Alas, we have a meager budget on SS and so our choices are limited. If there are any mobile parks in which you own your own land we would love to know more! We currently own a FAC home in such a park in Hemet, CA. and would be liquidating in order to move.
We're only prequalled for around 100k VA, so our prospects are bleak. But....if you could find such a gem in your area....and are willing to work with such a small budget....that would be great!

I'm a retired USD RE/Corp. paralegal, so you can talk turkey and it would be most appreciated!

Thanks,
Wanda Carroll
lenovolady@live.com

[BriansPerspective]

Originally Posted by carrollvalley

2

Thanks Brian.....I like your approach and education! Haven't settled on a new venue, but would love Prescott if it could be done.
Alas, we have a meager budget on SS and so our choices are limited. If there are any mobile parks in which you own your own land we would love to know more! We currently own a FAC home in such a park in Hemet, CA. and would be liquidating in order to move.
We're only prequalled for around 100k VA, so our prospects are bleak. But....if you could find such a gem in your area....and are willing to work with such a small budget....that would be great!

I'm a retired USD RE/Corp. paralegal, so you can talk turkey and it would be most appreciated!

Thanks,
Wanda Carroll
lenovolady@live.com

Thank you for the kind words Wanda. Unfortunately, the prospects are grim. There are a handful of manufactured home parks where you own the land, but even singlewides start around $140K.