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TEAM ARMAND UPDATE -What’s Up With Zillow?

Team Armand

Newsletter Update

FAMILY/MUSIC NEWS

Ok, this is getting out of hand. You might have heard that our son, Aaron, is making amazing progress in his career being running lights for big time music shows. Yes, it’s now a common occurrence for him to fly out every weekend to somewhere in North America doing gigs. And, this weekend, he’s taking it to another level. His artist is doing two shows in one day, get this, in two different cities, Denver and San Diego!!! How are they doing this? They have hired a, wait for it, private jet to get from the first gig to the second gig. Dang. Am I jealous? Noooooooooo (yes)! Lol. (Can you tell I’m proud?)

REAL ESTATE NEWS

So, you might have heard that Zillow has pulled the plug on its “Zillow Offers” business, its business of buying and flipping houses. after staking the future of its business on this particular division and spending billions of dollars, Zillow has decided they can’t make any money at it. How could this have happened? You would think with Zillow’s analytics and home value estimating processes it was a sure bet…

Well, that’s actually just the point. It turns out that Zillow’s analytics and home estimates were, wait for it…wrong!

This is what agents in the know have been saying for years: Zillow’s “Zestimates” were always wrong.

Real estate is always local. Down to the county, the town, the neighborhood, the street and even the particular house on that street. Zillow’s “Zestimates” could never see inside the house. Had the house been updated or is it all original? How well has it been maintained? What’s the curb appeal like? What does the house right next door look like? And the list goes on and on. There are so many things only an experienced REALTOR can see when actually at the house in person. Not to mention the advice a good agent might give to help a home seller enhance the selling price of their home. So many factors go into pricing a home for sale that it’s an art and a science!

Another deep, dark secret that Zillow doesn’t want you to know: where do they get their data from??? The reality is that Zillow has not been directly connected to our MLS system for 7 or 8 years (they consistently flouted MLS rules until MLS’s all over the country got fed up and pulled the plug on their feeds. Their direct competitor, REALTOR.com, has far more active listings than Zillow. REALTOR.com’s listings are much more updated than Zillow’s.

And even REALTOR.com is not directly connected to our MLS. The most direct connection is something called an “IDX” feed. Only local companies (like Coldwell Banker HPW) or agents (like myself) are allowed to have IDX feeds. So if someone wants the most update MLS info, the best thing to do is connect with a local company or REALTOR.

In any case, it appears Zillow made a huge mistake and has pulled the plug on it’s home buying business. Will iBuyers like OpenDoor and Mark Spain follow suite. Watch this space for updates… 😉

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Need some information about selling and/or buying while separating/divorcing? Learn more by clicking the link below

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Armand Lenchek, Broker, REALTOR
919-913-2627
www.TeamArmand.com
Coldwell Banker HPW
#1 Team in Chapel Hill, Durham, Hillsborough & Pittsboro 

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