Here’s a simple fact, one of the most important reasons why homeowners need professional representation to market their houses: Diogenes himself could not find an objective seller. It’s not enough to detail everything that’s wrong with the neighbor’s homes, the more important job, in a listing appointment, is to tell the Realtor why this home is worth much more than mere facts would indicate. The average American is slightly above average, and the average American bathroom remodel is worth tens of thousands of dollars more than you ever might have guessed.
This is to be expected. It’s simply not in our nature to discount for subjectivity where we are most in need of such a discounting. My kid’s smarter than your kid, and Helen herself is but a shadow to my best-beloved. This is only too human.
So: Zillow.com has a problem. People treat its silly Zestimates as though they were appraisals, even though anyone should know they can’t be appraisals. You could say caveat lector, but readers of Zillow.com’s web site have to dig pretty deep to find any caveats. What they find instead are big type and goofy pictures entreating you to… treat its silly Zestimates as though they were appraisals…
There is an obvious solution to this problem: Put up a disclaimer in even bigger type that says: “Ahem! A silly Zestimate is not an appraisal, which cannot be done without an objective, on-site inspection of a property.” That would be honest, and it would be sufficient to advise Zillow.com users that an Automated Valuation Method cannot reliably establish the value of real property.
This they will not do, possibly because it would cause those users to wonder why the hell they’re bothering with a tool that is admittedly useless. So rather than admit the nakedly obvious truth, Zillow.com has elected instead to propagate thousands of tiny lies.
In a comment posted here on September 1, David G. from Zillow.com broke this news:
Lastly, just a heads-up that we’ve decided to let homeowners edit and publish corrected home facts on Zillow.
That shoe finally dropped last night. Rich Barton, Zillow.com’s chairman and CEO, made the Read more