It seems like all one has to do is mention Zillow and an argument can break out. Well here is more fuel for the fire. The Arizona Board of Appraisal has issued two cease and desist letters to Zillow claiming that Zillow needs an appraiser license to offer its "zestimates" in Arizona.
Last October, the nonprofit National Community Reinvestment Coalition filed a complaint with the Federal Trade Commission alleging Zillow was intentionally misleading consumers and real estate professionals with its estimates.
Zillow states that they hope to engage the Arizona Board of Appraisal in a productive dialog. Hmmm It will be interesting to see where this leads. We all know how far off base some of the zestimates can be. And with the constantly changing market, is there really any better substitute for a Realtor prepared CMA.
Now I know that may seem like self (or Realtor) promotion, but can a data service really supply the best info on a local basis? Only someone on the ground doing the day to day work can provide the insight that a buyer or seller of real estate needs. Sure Zillow may serve a purpose, but anyone who relies solely on a zestimate is sure to be surprised in the future. That's where the Board's decision weighs heavily. There may be a disclaimer on the site, but how many people pay attention to any disclaimer on any site?
It will be interesting to see where all this lands
Sharon Kotula, ABR
Your Phoenix Area Real Estate Source