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Wow! Zillow's CEO, Spencer Rascoff made the statement (May 24th, 2017) on CBS This Morning that "Houses are worth whatever someone is willing to pay". WTF ?¿ !! No wonder Zillow's infamous Home Value Zestimate is so wildly inaccurate in so many cases. I guess banks will no longer need to consider a loan to value (LTV) ratio when making a home loan. No one will need to pay for an appraisal either! What an absolute narcissistic idiot.
Spencer came off in his CBS interview as a quick talkin', pot-lot used car salesman shyster, touting the almighty accuracies and importance of his company. What an absolute shame that in this on-line digital age, a person and a corporation with this mentality can have such a profoundly negative effect on something as important as our real estate values. Beware.
See earlier the post... Zillow's Disastrous Influence
I think that is like market economics 101...supply and demand...Zillow might inflate prices and suck, but that quote is not inflammatory to someone who grasps basic econ.
Zillow has just been sued by a seller whose house showed a much lower "Zestimate" value than her asking price. The seller has claimed that Zillow's estimate constitutes a sort of property slander.
Wow! Zillow's CEO, Spencer Rascoff made the statement (May 24th, 2017) on CBS This Morning that "Houses are worth whatever someone is willing to pay". WTF ?¿ !! ...
(Emphasis added)
And that's the truth. Appraisers can arrive at their "value" in a few different ways, but the most common one is to compare the property to others that have recently sold, then adding or subtracting from the value by comparing differences among the properties. IOW, it's worth whatever someone is (or was) willing to pay -- same as with cars, shoes, hamburgers or your pet dog.
Baada Boom, Badda Bing.
That said, I've never thought much of Zillow. I don't know how they arrive at property values, but it can't be in any traditional or accurate way.
Thats pretty basic and has been true since the beginning of time
And it's not just for real estate, look at works of art or other collectibles and pro athletes and movie stars and CEO's, they are only worth what someone is willing to pay for them (non-people) or their services (people).
And it's not just for real estate, look at works of art or other collectibles and pro athletes and movie stars and CEO's, they are only worth what someone is willing to pay for them (non-people) or their services (people).
Exactly. What a strange thing to get upset about. Outrage culture is exhausting
And it's not just for real estate, look at works of art or other collectibles and pro athletes and movie stars and CEO's, they are only worth what someone is willing to pay for them (non-people) or their services (people).
Agreed. Take a simple pair of jeans. Sell it at Ross for $25. Put a Gucci label on it at Nordstroms and it sells for $150. Slap some mud on it and sell it at Neiman Marcus for $400. Put it on Justin Beiber when he smacks some reporter and it's worth $2000.
Take a simple house. Sell it in Cordes Lakes for $200K. Put it in Prescott Valley and it's worth $300K. Put it in Prescott and it's worth $400K. Put it next to the fairway on the Prescott Lakes golf course and it's worth $500K.
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