Over the last few days, I’ve been following a conversation on Twitter – yes, those actually happen – between a few Nest Realty agents in Charlottesville and Fredericksburg. They’ve been discussing the validity of Zillow’s “Zestimates” in their respective areas, and in metro areas in general.
I’ve been critical of Zillow in the past – it’s simply not accurate in the New River Valley. But they hit a home run with their latest TV ad.
I don’t hate Zillow, I swear. In fact, I advertise with them. And as Alma suggested, maybe the title was a little harsh. You know, I use Zillow from time to time to estimate rents, since I don’t track the rental market and sometimes I need a little help there. But if you’re going to rely on Zillow – or any online pricing site – for accurate numbers, reconsider. They’re just not accurate, yet. So in reality they don’t suck, they just provide a product that’s become seen as truth when it’s really just the result of a proprietary formula.
It might be a good idea to reconsider that.
Much of the conversation with buyers lately has centered around what the market is going to do. It seems everyone wants to know two things – (1) what’s the market going to do, and (2) when are rates going up? At the risk of sounding flippant (and failing miserably, I’m sure), my response is usually “who cares?“. I mean, if you’re a serious buyer and the right house is on the market, in your price range, you buy it – right? And with rates ranging somewhere between 3.87% and 4.63%, is 1/8th of a point going to make that much of a difference? When you’re ready to buy, you buy – there’s no sense trying to time or “game” the market.
One of the things that attracted me to Nest Realty oh so many years ago was their focus on good, accurate data. Zillow is a popular tool, but it can’t replace solid, real-world data based on live sales. And that’s where the New River Valley Mid-Year (and Annual) Market Report comes in. Every quarter (every month, really), we put together a look at what’s happening in the market, both the good AND the bad, and we just published our 2020 Mid-Year Market Report for the New River Valley real estate market.
Ah, Zillow. Say the word in a crowded room full of Realtors and you’ll hear boos and hisses, as well as a few things you might not want your grandmother to hear. But the fact is, Zillow is getting some things right, and consumers are using the site. So what are we, as an industry, fighting them for? That’s a post for another day, and one I don’t think I’m ready to write – yet. I don’t hate Zillow. I like the site. Used it yesterday for personal research, in fact. It’s slick, easy to use, and has a ton of information.
As Realtors, we act as both buyer’s and seller’s agents all the time but, in my opinion, and in the opinion of all of us at Nest Realty, never at the same time. Legally we can do it, but ethically? It’s a slippery slope.
So you’ve decided to buy a house – where do you get information on all of the real estate that’s for sale? should you get a Property Manager?