HOUSES WITH BLUE BATHROOMS AND MORE...
Now, here is an example of what one of the biggest issues we have with Z, is all about: "Homes with Blue Bathrooms Sell For More?". Not to insinuate that Z is an appraisal company, of course--but what can you think when they come up with their ridiculous Zestimates??? Where do they get the data that gives them insight to price properties??? This post may address those questions:
This interesting statistic comes from a press release written by Zillow to reflect their statistics claiming that they found that "houses with blue bathrooms get $5,400 more than others, the highest sales premium of all colors analyzed". This statistic apparently came from a press release sent to Jonathan Miller of Miller Samuel, Inc., about a color analysis from 2017.
There were pictures of Tim Geitner's home in 2009, where his house was listed with Zillow but did not sell---Geitner yanked it from the site after there was a joke about the blue bathroom on The Daily Show...Of course, this was during the last housing downturn in 2009 when Geitner was the Treasury Secretary in a very slow economy.
According to a quote from Jonathan Miller of Miller Samuels, Inc.: "Like the Zestimate’s results that are presented to the nearest dollar, this type of presentation infers a market precision that does not exist. Labeled as “disrupters,” I think Zillow’s concept of “aggressively marketing an accuracy that is non-existent” is one of the biggest challenges facing real estate appraisers and brokers and in turn, the consumers. Numbers can be magic, especially when presented in an econ-sounding way. The consumer absorbs the results as gospel without challenge."
The humor may be lost on this, especially with the current antics of a company like Z who's sole purpose seems to be to disrupt the brokerage business right now.
They are obviously not expert at any of the "things" of real estate, its pricing and all its associated trades such as appraisals!!