In todays world, Google, Bing, and Facebook drive the media. It use to be “a picture is worth a thousand words”. Today, throw the facts out of the equation. If you read or see it on the internet, It must be the truth(Bonjour’)!
(Below)Zillow CEO Spencer Rascoff, shown in his downtown Seattle office, says Zestimates are “a good starting point” but that nationwide Zestimates have a “median error rate” of about 8%. (Ellen M. Banner / TNS)
This is true with Real Estate values as well. With the big three Zillow, Trulia, and Realtor.com fueling the buzz, the need to be correct is on the back burner. As with general news today, sell ad space and interest.
It was nice to read the story by Kenneth R. Harney of the LA times about the interview conducted by Norah O’Donnell from CBS. Although most of the numbers in this story are from the west cost, they hold true. I deal with buyers and sellers daily that base their mindset on what these companies say. They have no expertise in the market, most likely if you ask they have no clue where your home is located.
If you want or should I say, if you can handle the truth, you should speak with your local Real Estate professional. They have spent time in your market. They should be studying all the homes in the market “For Sale” “Expired” and “Sold”. Take the time to get the facts and hear the facts about the market.
Have a great day!