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If You Really Want To Buy That House, Stop Doing What You're Doing
When I asked a buyer how they were coming up with the numbers when they made offers on the last three houses they liked and lost, the answer astounded me.  In each case, the offer had no relation whatsoever to the listing price and seemed to make no sense at all.  It wasn't as if any of them were within $10,000 of the asking price, or $5,000, or anything else that might have given me a clue.  They looked at me, wide eyed and said they based it on Zillow's Zestimate.
It took me back to my days at Sotheby's.  Whenever there was a major auction, the press was there in full force.  All the major news services were represented, some reporting on the spot coverage, others writing their articles, yet to be printed.  One evening, during a very important and well attended auction, people were spread out in three rooms to accommodate the huge numbers.  I watched and listened as one reporter made a statement live that was absolutely untrue.  It was a mistake, to be sure, but it was broadcast on a major network on television, thereby giving it credibility.  I would have been hard pressed to convince anyone ... more

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