
Raspberries to the sellers who believe that sources that have never viewed their home has accurate values. I'm referring to the Appraisal District, Zillow, and other entities that pull comparables and assign an average for the home. When I visit a seller I usually approach it in a two step process. An appointment to view the home first and a second appointment to thoughtfully go over the analysis. I am a certified appraiser so I do spend a lot of time looking over many factors and comparable sales as well as active listing information. After going over the data I sometimes come across a seller who feels that the Appraisal District, etc value is more on target. Of course the value reflected is higher so it is a bases they would like their value to reflect. I explain the process and how these entities use a price per foot that the data they draw from may be very dated, etc.
The reliance of value from Zillow and other like sources can also be used by buyers as their reference as to what a property is worth. In this scenario the value is usually substantially understated as the entity has no clue as to the condition of update and other factors such as superior builder, quality. I struggle with this as well and usually end up giving my comparable analysis to the agent to share with buyers because they do not know how to value properties. In this instance it is a shame that a professional does not learn how to properly determine value. Too much reliance on MLS generated CMAs which is not individualized for the home but is a reflection of averages is being used as a bases for opinion.
Frustrations result when outside computer generated sources spit out a value for a home and the facts of why this is improper is ignored. Can it be that pushing a button for a value is just easy? Doesn't it make sense that a well researched thoughtful analysis yields superior information? Just a pet peeve and one that I artfully have learned to address but still is frustrating.
You are so right! For some reason, homeowners believe it, if they see it in print or on the internet. But of course if you told them their home was worth more then Zillow, I am sure they wouuld listen to you.