The media is at it again, spilling it's guts about the new National Averages that Zillow came up with, stating that the Real Estate Market is going down even further.
Being from California, and seeing our market go through through it's ups and downs, and knowing that some of the rest of the Nation didn't have it's double dip yet, Zillow's statistics may be showing that they are having it now.
Prices are still low here...
but we are showing appreciation in many Cities in Southern California.
Just last week there were multiple offers on several homes that I had offers in
on for my buyer clients. We all know that statistics can only be taken seriously if they are local statistics when it comes to finding out the value of a property.
It's amazing to me that the famous, "Zestimate", has gained such a huge popularity even though Zillow states right in it's disclaimer that it is not accurate due to the many places that Zillow gets it's figures: Such as, but not limited to FREE information from the Country Recorder's Offices across the Nation. When recordings such as Trustee's Deeds, Mechanic's Liens, Quitclaim Deeds, show
up as recorded sales and they do, it skews the data.
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No Entity can join every Multiple Listing Service to show exact information across the Nation. Pulling data from several sources creates a melting pot that can only be averaged.
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How ironic that I received a phone call this morning from Zillow asking me to support their advertising and "claim an area"...that "they had a few zip codes left".
I didn't take the call but if they call me back, I think I will say....but the market it in the toilet, according to yours truly...so why advertise with Zillow???
Earlier Posts About This Topic:
Do Public Search Sites Have Accurate Sold Comparables
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