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You've been Z'd

By Richard Iarossi

Real Estate Agent with Coldwell Banker Residential Brokerage 531132

January 05, 2014 08:16 PM

Dollar All REALTORS are familiar with that large company whose name starts with a Z. We're also familiar with their computer generated house values. Well...I took a look at the last three settlements here in Crofton, MD at the end of 2013.

2418 Chelmsford Dr., Crofton, MD 21114 - Settled 12/16/2013
Z estimate of value: $543,660
Sale Price: $619,900

1705 Jasper Lane, Crofton, MD 21114 - Settled 12/30/2013
Z estimate of value: $511,912
Sale Price: $543,880

1106 Fairlawn Ct., Crofton, MD 21114 - Settled 12/13/2013
Z estimate of value: $506,282
Sale Price: $519,000

Moral of this short story...Don't send a computer algorithm out to do a REALTORS job.

P.S. You're going to have to read between the lines as to who the company is, since I never write out their full name.

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Bobbie Smith

Stroudsburg, PA

570-242-1891

Richard, Interesting. Their Z values are coming in below actual values. I remember a few years back when everyone was well above actual resale value. I'm curious now and will need to do this in my area too. Thanks for the heads up.

Jan 05, 2014 08:20 PM

Carol Zingone

Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL

Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Richard, agreed, we are people, after all, so we can make adjustments computers/algorithms cannot.....

Jan 05, 2014 08:49 PM

Jennifer Mackay

Counts Real Estate Group, Inc. - Panama City, FL

Your Bay County Florida Realtor 850.774.6582

I've never been a fan of Z, just can't understand why agents bother with them at all - thanks for sharing

Jan 05, 2014 09:17 PM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

A FSBO's worst nightmare. Thinking the values in Z are the true value of their home and sell for that price.

Jan 05, 2014 09:28 PM

Sheila Anderson

Referral Group Incorporated - East Brunswick, NJ

The Real Estate Whisperer Who Listens 732-715-1133

Good morning Richard. I think this is funny but sad too. The home is valued at X but the sale value is higher. People who believe this crap are nuts. Enjoy the day.

Jan 05, 2014 09:37 PM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

I am fighting this right now with a former client who is thinking about selling. She keeping telling me about the zestimate. yeah, I have to send this to her.

Jan 05, 2014 09:43 PM

Karen Baker

Sunset Beach and Beyond Realty - Sunset Beach, NC

Professional Help with Rapid Responses...

Richard ~ Those ZZZ Estimates are never on target! How about tax assessed values? The market sells the house, not computer generated values...

Jan 05, 2014 11:22 PM

Alan Gross

PrimeLending, A PlainsCapital Company, Equal Housing Lender - Bethesda, MD

Loan Consultant

Take the "Z" value and hope it withing Plus or Minus 15%. I might start using those statistics as part of the listing presentation.

Jan 06, 2014 12:37 AM

Carla Muss-Jacobs, RETIRED

RETIRED / State License is Inactive - Portland, OR

I love the moral of this story!! Yes, and how many times have we had to implore that buyers NOT look at the algorithm, but look at the MLS comps. They don't get it and think it's all a conspiracy by the industry. Hmmmmmm . . . thanks. We just get zcrewed, err I mean zcued.

Jan 06, 2014 04:10 AM

Jeff Stevens

Berkshire Hathaway HomeServices New Mexico Properties - Las Cruces, NM

Jeff Stevens, Associate Broker/REALTOR

Thank you, Richard! Sellers, take note! PLEASE.

Jan 06, 2014 07:20 AM

Gabrielle Kamahele Rhind

KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ

Broker/Owner

GOOD MORNING RICH! How did this not get featured? I think I'll just click suggest! I do not know why people still follow these values - but hopefully after reading this they won't!

Jan 06, 2014 07:02 PM

Eric Galuppo

Real Estate Rev - More Leads Means More Revenue

Hmmmm.. Should do research about that Z to get more info. I am intrigued!

Jan 08, 2014 04:21 PM

You've been Z'd

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