Home Value Using Online Tools
The other day I posted How Much Is My House Worth and I talked a bit about different ways that owners can find their home's value when they have to sell. One of the services I mentioned in my post was the online tool Zillow.com. I just found this interesting quote from Zillow's spokesperson in a New York Times article, Forget Gimmicks: Buyers Want Numbers (RR).
This approach differs from that of sites like Zillow.com, whose goal is to attract an audience for its information and to sell advertising on the basis of the size of that audience.Within a few months of its opening, however, Zillow attracted some unwelcome attention. In October, the National Community Reinvestment Coalition, a nonprofit consumer group in Washington, filed a complaint with the Federal Trade Commission that contended that inaccurate valuations on the site, both high and low, were damaging the interests of all consumers and particularly the interests of working families.
The complaint has yet to be resolved, but a spokeswoman for Zillow was careful to point out the site’s disclaimers.
“We’re a starting point,” said the spokeswoman, Amanda Hoffman. “We’re not a crystal ball. It’s the Internet. You sort of have to take everything you read on the Internet with a grain of salt.”
This reinforces my belief that people who need to sell should do as much research as possible about the market and what price their home can command. This will help the owner to price the property appropriately for their needs (e.g. - sell fast, sell for cash, stop foreclosure, end headaches of being a landlord, etc.).
