February 8, 2006
Did Somebody Just Get Zillowed?
What's interesting is that 2257 Green failed to sell when it was listed at $3,495,000, and was recently reduced to $2,595,000 (now in contract). Sombody's got some explaining to do.
And this might be premature, but it's possible somebody just got Zillowed!
UPDATE: 2257 Green Street sold for $2,900,000 on 2/22/06.
∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]
First Published: February 8, 2006 2:58 PM
Comments from "Plugged In" Readers
As an agent, I think it's useful, but worry it could be very misleading to owners, buyers and sellers -- those evaluations are simply not accurate.
People who don't know better may be mislead by the site. What if you know nothing about the market, and someone comes up to you with the Zillow print out saying your home is worth $600k? You sell at that price thinking it's fair because that's what the spiffy computer program said. But guess what -- the true market value is like $800k. Computer programs do not determine value!
Also, it doesn't do condos well.
Posted by: Damion at February 13, 2006 1:40 PM
I retired a year ago after selling homes for 43 years. I don't think the housing market bubble will pop, I believe it will explode. ARMS are not bridges but gangplanks. Lending Institutions that have sucked suckers into Qualifers deserve what will happen to them. The only regret I have is I just retired. Gee, think of the commissions I now miss; but on the other hand it would just set me into a higher income bracket.
Posted by: Noel at April 28, 2006 9:58 AM