Zillow’s Infinite Wisdom for Miscalculating Real Estate Pricing

I can personally tell you from experience that I have had tons of clients wanting to buy and sell homes in Phoenix and beyond and the inevitable pricing blunders that Zillow and its buddies continually quote which in turn basically confuses my clients trying to get an idea of what the actual pricing is for a home that they are either trying to sell or buy in Phoenix Arizona and all across the United States.

After constantly running into this issue that feels like an albatross around my neck, I came to the conclusion that I needed to publicly air my utmost concerns (in order to educate my clients and potential clients) on the Cash Now Homes blog so here we are good people of Arizona which means I am ready to roll towards defining what the issue actually is and how to get the correct comparative pricing in order to buy and sell your house in Phoenix Arizona and beyond.

So why all the comparative pricing drama George?

Glad you asked all you smart Arizona folks and let us now begin by naming what the actual issue really is and why this keeps happening so let’s continue reading this much needed article which serves a dual purpose, you as my client obtains the needed education and I personally get to release my pent up concerns also known as absolute frustrations with a behemoth of a company that does not care about quoting true real estate prices and I humbly consider this catastrophic in and of itself for the real estate community as a whole domestically and abroad so let’s roll.

Let us correctly start off by quoting directly from the Zillow site under Zillow’s Terms of Use which will explain in their official disclaimer exactly what it is that they are actually trying to achieve so please see below for details:

“ZILLOW GROUP DOES NOT, AND THE SERVICES ARE NOT INTENDED TO, PROVIDE FINANCIAL OR REAL ESTATE ADVICE. ZILLOW GROUP IS NOT A FINANCIAL OR REAL ESTATE BROKER OR LENDER. FOR ADDITIONAL INFORMATION, PLEASE SEE SECTION 8. Zillow Group’s business is primarily funded through advertising. You understand and agree that the Services may include advertisements, and that these are necessary to support the Services. To help make the advertisements relevant and useful to you, Zillow Group may serve advertisements based on the information we collect through the Services. See the Privacy Policy for more details.” 

So as you can see the above details garnered from the Zillow site itself that Zillow is not a financial or real estate broker or lender so how do they really know the comparative pricing models for local real estate in Arizona to include across the United States or are they just making money through advertising?

I have my opinion as you can tell but I just wanted to bare all the facts (Zillow Terms of Use) from the behemoth itself so you can make up your own mind on who is right and who’s telling a story.

Furthermore, I will say that Zillow has many companies that you possibly might have heard of (Trulia, Hotpads, StreetEasy, Naked Apartments, Out East, RealEstate.com, Bridge Interactive Group, Zillow Group Mortgages and Mortech) so there is not a shadow of a doubt that Zillow has a powerful presence online and beyond but in reality, their Terms of Use says it all and all I did was quote from them directly.

Now that I have stated my opinion based on comparative pricing concerns and used empirical evidence from the Zillow site itself so we can now see why clients in general get frustrated with Phoenix Real Estate professionals as well as beyond the borders of our glorious state of Arizona and this is quite an obstacle which we see on a constant basis hence the reason I wrote this article.

So how do we make this right George?

Good question good people of Arizona and I will gladly share what Cash Now Homes considers to be good practices with our esteemed client base as they keep coming back to us for more houses so we must be providing really solid comparative pricing for selling and buying houses in Phoenix.

So how do we maintain realistic comparative prices and quote this to our client base?

It’s because we constantly buy and sell homes in Phoenix Arizona and beyond and that gives us the edge in knowing what houses are truly being sold and bought for in all zip codes across Metro Phoenix and beyond. That little piece of information says it all versus the “Zestimates” that Zillow loves to quote so see below for some of the most frustrating and completely inaccurate pricing models on the Internet.

  • Low Zestimates: This one is a doozy if there ever was one as Phoenix home sellers will generally scoff at them and dismiss them altogether.
  • High Zestimates: Home sellers fall in love with these and just won’t budge from the Zillow pricing and it hits them financially in the end as the pricing models are inaccurate.
  • Why do home sellers lose money on these high Zestimates? It’s because of the natural emotional response factor which boils down to dollars and cents. Phoenix home sellers start to dream of how much money they are going to make and it seems like they have it already spent when they come to us and of course, we don’t like to be the bearer of bad news when it comes to pricing but we are true professionals and will tell the truth as our reputation is at stake as a Phoenix real estate company.
  • Over pricing your home from a high Zestimate is damaging to the home seller as it will sit on the market because the true comparative housing pricing from the Zillow Zestimate is inaccurate and the potential home seller is losing money that they would not have lost if they had come to Cash Now Homes and been given a true selling price for their Phoenix home in the first place.

At this point in time, I think I have laid bare the true facts when it comes to understanding Zillow housing pricing and its potential damage to the home seller but all is not lost as we at Cash Now Homes are here to give you the correct pricing for selling or buying your home in Metro Phoenix and beyond so please contact us as we are ready to serve our beloved Phoenix, Arizona real estate community.

Regards,

George Aplicano

 

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