Last week I posted a story about Zillow.com & Reply.com, the new and newest web based real estate valuation services - new ways to value your home, and your neighbors.
I thought this would be a good time to compare the two services, and pit them against what are real world values for recent home sales in the Foothills area of Tucson AZ.
Well it's happened, someone got zillowed.
'A home seller tells RealtyTimes he is contemplating contacting an attorney over losing a sale he blames on Zillow's estimate of his home.'
Dear Blanche:
I read your article about Zillow.com and would like see your advice on my situation. We started selling our house but potential buyers showed us a Zillow.com price estimation for our house and told us that our selling price was not realistic. As a result of this we had to...
See full story Including the excellent response from RealtyTimes columnist Blanche Evans- ...'new companies posting public housing data have immunity from the responsibility of potentially harming individuals.'
In my post last week I concluded that, at this point these are interesting, innovative services that are fun to play around with, and that may be useful in providing a broad value range. But I also think that Zillow and Reply should back off on the claims they each make on their homepages; or at the very least provide a big warning on the homepage that advises people that these valuations cannot be counted on to be accurate - Do Not make financial decisions based on them. It's too important!
Let's get the word out, before more people fall for this.