This is from the Tucson Daily Citizen:
Zillow.com offers online estimates of home values. There is now plenty of public data available for computers to crunch to make the estimates pretty good.
According to Zillow’s Web site, in the Phoenix metro area its estimates are within 6 percent of the actual selling price 50 percent of the time, and 72 percent of the time they are within 10 percent.
Although Zillow states on its Web site that its estimates aren’t appraisals, the state Board of Appraisal has ordered it to stop offering them in Arizona.
Here’s a better idea: How about abolishing the state Board of Appraisal? Any property is actually worth whatever a willing buyer is willing to pay to a willing seller.
Lenders might want appraisers in whom they have confidence to ensure that the property will cover their principal in the event of default. However, lenders are big boys. They can set up their own certification process to obtain the expertise they want. There’s no need for government to do it for them.
I find this logic unassailable. But it does make me yearn to live in a town with a newspaper…
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Technorati Tags: arizona, arizona real estate, disintermediation, phoenix, phoenix real estate, real estate, real estate marketing
Todd Tarson says:
Do you have the final look at the bill as it was passed??
I’m looking to see if the language was changed at all for the exemption for Realtors.
May 1, 2007 — 8:45 am
Greg Swann says:
> I’m looking to see if the language was changed at all for the exemption for Realtors.
No changes yesterday. There may still be changes when the bill gets back to the Senate.
May 1, 2007 — 8:48 am
Brian Brady says:
That from the Daily Citizen? Mon Dieu! Ten years ago you would have expected protectionist, big gubment, tripe coming from the Daily Citizen, never the Republic.
May 1, 2007 — 3:53 pm