Zillow.com, the real-estate valuations site I wrote about last April (An essential site for real estate lawyers), is the target of a complaint filed with the Federal Trade Commission. According to Ars Technica, the National Community Reinvestment Coalition alleges that Zillow is “intentionally misleading customers and real estate professionals to rely upon the accuracy of its valuation services.”
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Ken Chan · October 28, 2006 at 3:06 am
8-|
That would be the rolling eyes emoticon for NCRC. Zillow is a real estate entertainment site for checking out ball park valuations of houses. Regardless of what Zillow or any appraiser says, it’s the market that decides the valuation, not the appraiser or even the last sale price of a comparable home. A motived buyer or seller will make any pre-sale appraisal appear off and, depending on the level of motivation, sometimes way off!
I guess the next step is to sue Salary.com because some people are not paid within the ranges suggested by their salary wizard. Also, don’t forget the financial analysts that set target prices for stocks. My guess is that those are off as well.