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And then after that willing seller and willing buyer have agreed upon what the market value is, some "expert" gets to come in, put together a bunch of data and photos, and TA-DA, determines that the house is worth what the market said it is. Magic!
If you are talking about the appraisal, please consider that the other party to the house transaction is the lending institution. The mortgage is a loan by the bank, secured by the house itself. If the purchaser defaults, the bank has the house. The appraisal process is complicated and sophisticated, or should be if everyone is honest.
Interesting comment but I don't find it to be true. Most of my clients are people that don't want to second guess "professionals". They trust me and rely on me and don't feel that they need to "double check" on what I tell them.
Nothing personal Vicki but I don't think using another resource should be considered second guessing you.
You are always told to get a second opinion in cases of a Dr's Diagnosis, so why would getting another opinion in real estate be anything different? You trust your dr as well, but getting a second opinion is a must sometimes.
I'm not saying Zillow is more or less reliable, it is just another tool in todays market.
Nothing personal Vicki but I don't think using another resource should be considered second guessing you.
You are always told to get a second opinion in cases of a Dr's Diagnosis, so why would getting another opinion in real estate be anything different? You trust your dr as well, but getting a second opinion is a must sometimes.
I'm not saying Zillow is more or less reliable, it is just another tool in todays market.
The value of a second opinion is moot if it is not a qualified opinion.
Zillow is not a qualified second opinion.
If you want a second opinion after an agent's opinion, the agent's broker-in-charge, another agent, or an appraiser would be better than Zillow, I would think.
A second opinion from a plumber after a Dr's diagnosis of a hernia would not be a qualified opinion, either.
Zillow as a "tool" has extremely limited applicability due to the gross inaccuracy across a great many samples of their valuation estimates.
OTOH, As an entertainment device, it has gained following in pop RE culture, like "Flip This House" did on HGTV.
LOL - the realtors really do hate Zillow don't they? One realtor suggests we don't get a second opinion at all, and then another realtor suggests we get a second opinion from .... wait for it .... another realtor - Hilarious!
LOL - the realtors really do hate Zillow don't they? One realtor suggests we don't get a second opinion at all, and then another realtor suggests we get a second opinion from .... wait for it .... another realtor - Hilarious!
I'm not sure what you find so funny. I'm not a realtor and I think zillow is bogus. It should be used for entertainment purposes only.
Zillow is consistantly off in my neighborhood and I would never use it as a source of information (even as a second opinion) to set a list price or an offer price.
I would think the public at large would be dubious of any source of information that has a spotty performance record. Maybe you don't mind using substandard information for such important decisions but my standards and expectations are somewhat elevated.
LOL - the realtors really do hate Zillow don't they? One realtor suggests we don't get a second opinion at all, and then another realtor suggests we get a second opinion from .... wait for it .... another realtor - Hilarious!
No, I don't hate Zillow; "Hate" being such an ugly word, and so casually overused on the internet.
I am just uncomfortable with the promotion of a demonstrably bad data source as a "tool," or as better than hiring even an appraiser as a second opinion.
While gratuitous smacks at agents may be fun, step over to the CD RE forums, and view the stupidity of "information" and invalid opinions foisted off on folks who often need real help with their problems.
It is amazing how some anonymous posters cavalierly offer bad advice that can cause tens of thousands of dollars in damage just to get a poke in at the real estate profession.
So, if the surgeon says you have a hernia, would you ask your plumber his opinion, or would you want a qualified opinion?
Would you criticize a surgeon who would think your second opinion should come from someone with some actual medical training?
Or, would a monkey throwing darts at a board, like Zillow does with their valuation estimates, satisfy your need for a second opinion?
OTOH, As an entertainment device, it has gained following in pop RE culture, like "Flip This House" did on HGTV.
Mike, Flip This House was (or is) an A&E Show. Flip That House was (or is) on Discovery Home/TLC.
I agree that it's generally easier to get data from zillow than to bug a realtor, but even their data (as opposed to their fairly unreliable zestimate) are questionable. We're planning on buying in the next 6-9 months and I've noticed two of the houses we had considered buying had sales prices nearly $100k over asking price (roughly 20-25%) which is cleary incorrect. In other words, if I want accurate and complete information I would first contact a realtor and second go to the county website (although that wouldn't include info. about concessions).
Also, the zestimate on the home we sold in Cary last summer is currently about 10% higher than what we sold it for. My guess is the house has probably depreciated 0-5%.
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