NY Houses 4 Sale

Dear Mr. Seller,

I am sorry, I know that you questioned me as to why I have not posted your home for sale on the Zillow.com site.   You have made it clear that you want your home to be advertised in every means that I can get my hands on.  It is important to you to sell your home so you can continue with your plans.  But, if you would give me a few minutes to explain why I have not - or will not post your home or my other listings that I have for sale on the Zillow Site.   

I want to sell your home -  I can and WILL sell your home but it is hard for me to bring the buyers into your home when I have another agent (Zillow) screaming and picketing infront of us that your beautiful home is worth less, alot less than we are asking as well as the actual "comped" value. 

It's not that I don't think that Zillow is a great toy, but to use it as a means to my advertising ?  I can not subject you, my seller to the questions that will be raised by potential buyers and please don't get me wrong, I have posted a listing or two on Zillow and I will tell you why.  NO ZESTIMATES.  But your home is special, you see Zillow is stating that your home is worth $100,000.00 less than what we are asking.  Oh, I know - Zillow has a disclaimer that these are only "Zestimates" and that no serious buyers would belive them and yes, I am aware that they have said more than one time that they are not setting "actual sales price" and that their Zestimates are somewhat off.  But, don't worry, no one believes them.

Now that you are selling your home and you are in the market to buy something else we are scouring every site for a home that meets your criteria.  I know - we have gone to many houses together and the last home that we went to see you found on Zillow, how great... Ohh, the asking price is $90,000 more than the Zestimates?  Oh, well ignore that Zestimate price and go in with a full asking price! 

Why do you feel like you are getting ripped off? 

Random Thoughts...

If you have never heard of Zillow yet, then you really won't understand this,so - you should actually just close out your browser and find something else to do.  Really - you will find this boring.

Ok - Don't tell me that I did not warn you (I know your still here reading!). 

So, I broke down,  I tried it.  I feel a bit like I stepped onto the unknown turf.  I feel like I ate the apple, when all others told me "NO - Stay away from the apple". But I did, I took a bite.

I POSTED A LISTING on Zillow.  Eeeeeeeeekk.. 

Why?  Well, I am curious and if I don't go out to try it and play with the site myself, then can I really make an educated thought about what I think or feel about the site?  I can not go on just reading posts by Greg , Kevin, Joe and Rudy (which I found to be the most humorous), Marlow or Ardell.  Trust me they all have great points good bad or indifferent, but I want to apply my own thoughts about the Zillow News and to be honest I am still unsure!  Most people know that I am not a true blue "Zillow Lover" but - I can say that I really like the guys there - David and Drew, I think the two men are the truly hard workers and great front men for a company that I feel has more hits to deliver before all this is over.  I feel that Zillow has only begun. 

So how am I feeling you ask?  Well right now a bit woozy.  I don't know if I sold my soul to the devil, or what.  I will play more and let you know!

How did you know all that?

Yesterday, an agent of mine came into the office and asked me if I know what Zillow was!  I cracked up laughing.  She explained to me that her buyer told her about this site and he ran "comps" on a house that she took him to see and according to Zillow, the home was over priced!  So, I pulled the house that they were talking about so I can see the home's comps according to Zillow and what we found was the agent listed this home on Zillow.  The asking price was $859,000 and the Zillow Price is a bit over $600,000.  Why? Why would an agent do this to his seller? 

Sadly, I have no answer. 

Here is my best advise to sellers who are listed with an agent or are trying to sell on their own, the best site to NOT advertise is on Zillow.  While they have proved to be a fun valuation tool - they will not help you sell your home.  The price that you most likely get is not the price that you will want to sell at. 

To date, there are 8 homes listed for sale by either an agent or an owner and there are 5 make me move prices.  Again, a fun tool. 

More Related articles:

"I got Zillowed - and now I can't sell my home"

Zillow - is it accurate?

Wall Street Journal 2/14/2007 - "How good are Zillows Estimates?"

I feel like I have deja vu' - How about you?

A bit of this and that...

Sick of tile?  Sick of Hardwood floors?  How about a MUD Floor... (NyTimes.com)

If you have not heard about them yet.. You will if you read Fortune Magazine. (Fortune.com)

New York the highest priced rental market.  Just in case you did NOT know that already.  (CNN.Com)

Great home affordability calculator.  (CNNMoney.com)

Like to try new restaurants?  OuterB did some research and gathered some local eateries. (OuterB)

Have a question?  Ask InmanWiki, its like having your own little answer bank. (Inman.com)   

HouseMath 2.0

I will have to thank my feedreeder for giving me this information, because this morning I was reading Future of Real Estate this morning and found HouseMath 2.0.   What a great tool.  I was playing around with some numbers and I found it to be quite interesting.  Go Play - let me know what you think. 

With a blink of an eye -

It so funny.  All week I have been playing with the Zillow "toys" and you know I can't find any other reason on why I would post my listings on the new wiki that displays the sellers asking price along WITH the Zillow inaccurate Zestimates, other than "everyone else is doing it".  Hmm.. I tell my kids - don't join in on something that you don't feel comfortable with just because the bigger kids tell you to.  Stand  your ground until you decide what is right and what is wrong.  Take shelter in blaming it on me, your mom, when you can't find a valid reason as to why you should follow.

What I find so amazing is that with a blink of an eye - the prior Anti-Zillow people have jumped in bed with the Zillow Boys, and they are baking pies to boot.   Now, just take a second or ten and realize that the most anti Zillows are now the advocates FOR Zillow.  Claiming that the Real Estate industry is changing and if you are not on board consider yourself finished.  I just don't get it, it is so contradictory.  I can't see any justifications of  why I would post a listing of mine or why a FSBO would post their house for sale onto a site that does not have proper values to the home.  WHY would I do that? Why would a FSBO do that?  For exposure?  Ahh - you can get that from alot of sites.  Trust me, buyers are not currently looking on the Zillow site just yet for homes that are for sale.  Let me just add, what price do you think the home buyers will start from?  Your asking price or the lower Zestimate? 

I take shelter in my own advice. 

I want to point out an article that I read on Realty Times, dated February 2006, just a day after Zillow launched.  The article was written by Blance Evans  and she captured an article from the NY Times, that had an interview with Rich Barton and Barton said:

"People want Realtors. But is it rational to pay Realtors what they are paid?"

"He says he thinks they are overpaid because customers are doing more of the work themselves," says the Times. "Zillow, for instance, has a number of other features that do the work of the agent. Someone wanting to compare properties can use pull-down menus to estimate the value of remodeling projects that are not reflected in the price. Because of the Internet, agents are spending less time with clients, Mr. Barton said. "Agents have to ask, What kind of value am I adding?"

This mere statement makes me question the whole Zillow mold. 

To go on further, Realty Times asked Zillow why they  hired a California Broker and the reply by Bohutinsky was disturbing -

"To get some of the data. One of the ways to get that data is to become a registered broker to have access to data."

So - with a blink of an eye - I must have missed something. 

Sellers beware.. You could be digging your own ditch..

I was trying to stay away from reporting or voicing my opinion about new Zillow feature that the founders and creators announced yesterday.  I played around with the site and tried to find some dirt.  I checked out other states that have been posting (Arizona and Seattle seem to be posting like crazy).  But here in my neck of the woods, Queens NY -11357, 11358, 11354, 11361, 11364 and 11356 - I could only find one new listing in Zillows new "Real Estate Wiki" tool. 

After a full 24 hours and every feed-reader spewing out the hot news, I can't say that there is an overwhelming amount of posting going on here in NY.  Maybe us East Coasters are not paying enough attention to the under/over Zillow?  Or perhaps the Zestimates are just so way off that an owner knows posting a listing either from an agent or a FSBO could break a sale. 

I did however, find one listing that was posted by an owner in College Point, 11356.  Here is what I found, his asking price was MUCH HIGHER ($649,000 with the owners Zestimate being $726,553) vs. the Zestimate (Zestimate came in at a low $548,318).  In my book a $100,000 difference and this could hurt/destroy/blow up his possible sale. 

To give you the facts, right out of the owners "mouth" about the home he is selling:  this home is a three bedroom, two and a half baths, on a 1900 sq. ft. lot (semi-attached).  The home was built in 1965, but completely remodeled in 2005.  The owner stated that the renovations cost over $92,000.  The original Zestimate gave a price of $561,451.00 - now with the owners renovation costs added into the price the new Zestimate shoots up to $726,553.   The list of renovations are:

Major Kitchen Remodel (Mid-range)	+	$	16,167
Bathroom Remodel (Mid-range)	+	$	15,660
Bathroom Remodel (Mid-range)	+	$	2,897
Minor Kitchen Remodel	+	$	2,017
Basement Remodel	+	$	1,640
Roofing Replacement (Mid-range)	+	$	4,152
Siding Replacement (Upscale)	+	$	17,809
Window Replacement (Mid-range)	+	$	7,006

While I don't think that Zillow is trying to replace any Real Estate Agents, I do think that Zillow has more tricks up their sleeves, but I still stand behind my saying that the difference of asking price and the Zestimates are so far off that it can not be used a viable tool by either a Real Estate Agent nor a home owner selling on their own.   

So as a real estate agent - I am not against Zillow launching a new Real Estate Wiki - but I myself, can only see false hopes quickly becoming shattered dreams. 

Oh, and by the way - the owner stated that he will work with a BUYER agent - sooo (shameless plug here)  If you want me to ...... never mind!

Copying and pasting - Just not allowed.

If I could copy and paste an entire blog, I would. 

Today over at SellsiusRealEstate they displayed what I feel to be the truth about many issues regarding Zillow and sometimes the truth just hurts.  Sometimes when you believe in something and stand up to it , then to just change your position is hard.  Unless you come out and say "I was wrong".  I have not heard any of that. 

But that is not my real issue.   

I will go on record and state - I do think that Zillow is misleading - and to claim or to state that the consumers are stupid to believe or be so gullible is a huge issue for me.  This is can not be the defense?  Yes, there are stupid disclaimers on items that we KNOW what NOT to do with them.  But the disclaimers are there for a reason - and the companies will not be held liable for the misuse of such products.  (They do also add humor, but that is beside the point).  The disclaimer that Zillow is currently using is not good enough.  That is just it.  It is not good enough.  They do not have a disclaimer on their site that states "You consumers are stupid, and this is not real, although we are nice guys, our Zestimates are no better than a fortune teller"  Its not there.  There is not a disclaimer that is as blatant as that, anywhere on the site. 

Well we all know,  Zillow can't actually print that as a disclaimer because that would be condescending.  Interesting fact.    But, when a complaint gets filed by a consumer - that's when we can tell the consumer that they are in fact to blame,  "because if you were that stupid to trust and believe an AVM, then you clearly MUST allow your gerbil to use windex, or perhaps you shower while blow drying your hair, if you Mr. Consumer could be so stupid to believe this company, then SANTA won't be coming to your home this year, go back to school". 

I have another issue - the other agency's that have the API on their sites.   To quote Greg Swan "If you lay down with dogs, you wake up with fleas".  What I don't understand is HOW or maybe I should ask WHY, would you  real estate agents do such a thing?   If a consumer goes onto your site and pulls a Zestimate off of YOUR site, aren't you then the  one voicing  the value?  What if the Zestimate is off, how does one retract the information that they got off of an actual real estate agency's  website?    This is a big issue and I feel that agency's that have this API on their sites, should be held liable as well.  Listen, I can't voice someone else's "opinion" and then point the finger to someone else.  It just does not work that way. 

I think today's MUST read is Sellsius° real estate blog - all 10 of their posts.

Take the wheel and reinvent it..

...And then just keep doing it..  Just take a company model and name it something else and put it out there. 

A new automated valuation company just started and launched their site yesterday, naming it Eppraisal.com.  I went over there and played with it and to be honest with you, I felt like I was suffering from deja vu.  It all seemed so similar to me, the only difference was it has a different name.  If you thought Zillow.com was off on the value of your home?  Try this one.  I thought that it would be fun if we could try the Beta here. 

I have a listing and it is currently listed at $599,000. 

Zillow came up with of Value Range: $515,154 - $710,557 - Last updated: 10/24/2006 and Eppraisal.com came up with Estimated Value Range of $556,813 - $691,395. 

As you can see the two companies are both very similar - both somewhat off on the estimates.  Now, as a homeowner - where or how do you take this ranging and actually set a price for your home, if you wanted to do a FSBO?  I mean, do you list your home at the low end - or the high end?  Seeing as this is a "Buyers Market" pricing has become even more of an essential to selling your home.  So if you take the risk and list your home at the higher end - you could lose alot of time and alot of buyers that could have came your way, if it was priced right from the beginning. 

The only difference that I can see between the two companies is that  Zillow has stated that they  are not a means of an appraisal and that the AVM is just public records and in some areas they can not actually provide an estimate.  On the Eppraisal.com site -  they are claiming that you can use the estimates to buy (Price out a home that you are interested in), sell (get a price to list your home at)or refinance your property (See how much equity you have already).  With the name like Eppraisal.com, you would think that this is an actual appraisal of your home.  I find  this very misleading to the homeowners.  I find this a bit unsettling that in the midst of Zillow.com under scrutiny from the NCRC that this beta company would still launch.

Here are a few things that I have learned:

*Buyers and sellers can NOT get an actual/accurate selling price from any automated service that spits it out to you in 3 seconds.

*You can not use Zillow or Eppraisal to actually refinance or appraise your property.

*There will be more and more companies popping up and repeating and/or trying to reinvent the Zillow Mold.

*  The AVM's will never replace Real Estate Agents. 

Guys - its JUST a toy.. you can't really THINK....

Some say that the complaint that has been filed by the NCRC (National Community Reinvestment Coalition) is all a "shakedown".  Could be.  Time will tell on this one.  Some others state that Zillow is not accurate and something should be done about that.  Maybe.  But here is my concern and my statement regarding Zillow.

Zillow came into the Real Estate market strong, they have made big waves and have received alot of grief and glory within this time.  But what concerns me is the underlying liability that OTHER Realtors are taking on.  Listen, everyone is entitled to run their business the way they see fit.  Don't get me wrong.  Zillow can post the public data - and that is fine.  Its your responsibility to KNOW as a consumer that the data you are getting maybe inaccurate, old and not real time valuation of your home.  So, you Mr. Consumer - should know that playing with Zillow is just a game.  You need to be smarter than that - You can't complain, you are the one that punched in your home address and BELIEVED what you saw.  Mr. Consumer, you just should have known better.  Shame on YOU!

But, now what happens when Mr. Consumer gets this information from Yahoo Real Estate, or Prudential?  Are they giving the data?  I know it says "Data Powered by Zillow".  But, it is coming from the "mouths" of a real estate company, doesn't it LOOK like YAHOO says that Zillow is correct.  Yahoo is endorsing and powering up Zillow to become stronger than a toy. 

So maybe this NCRC complaint is just a shakedown, we will see. 

Related Articles:

Welcome to Race Piracy 2.0: Zillow.com is targetted for the crime of having deep pockets . . . by Bloodhoundblog

Zillow Gets Zinged by  Roberta Murphy on her Active Rain Blog

Complaint to FTC consumers Zillowed? by Columbus Best Blog

A modest proposal at Three Oceans Real Estate — Insights from a Wired Bay Area Realtor

Zillow Zapped with FTC Consumer Complaint by sellsius° real estate blog

Zillow.com shake-down: This is the first shoe dropping . . . by BloodhoundBlog

Zillow - Less than 30% accurate - by  Nyhouses4Sale