Zillow Releases 3rd Quarter

Homeowners Survey

For the record… I can point out so many faults with online home evaluations that I can dedicate an entire blog to it. Once you’ve sold a 100+ Las Vegas homes then maybe the tech geeks will figure out why there should be a “For Entertainment Purposes Only” disclosure in big bold letters. Even Brilliant Geniuses out of MIT got it all wrong with their risk evaluation models for the big banks that created heavy duty credit default swapping in the tune of what will probably eventually end up being over a Trillion or two or three in losses. Human Emotions can’t be calculated silly rabbits. If they could, we’d all be dating super model billionaires with a simple how to book! 

Anyways… enough of the online valuation rant. ;) Get a Real Las Vegas home evaluation with a Real Life experienced Las Vegas REALTOR at our Las Vegas Real Estate website. (Promotional consideration provided by Paul Francis of Prudential Americana Group :) )

Back to the Homeowners Survey and the whole point of this blog post which you can read by CLICKING HERE. Zillow has been doing these interesting surveys which are not based on numbers their computers scrape from bad information to put together more bad information.. but from actual respondents so it is certainly worth sharing with everybody.

From the Homeowners Survey

The results — kind of baffling. While the perception gap did narrow, still half of U.S. homeowners do not think their home’s value has declined over the past year. Specifically:

  • 32% think their home’s value increased in the past 12 months
  • 17% think their home’s value held steady
  • 51% think their home’s value declined

Zillow further breaks it down by regions and that’s where it gets interesting in my opinion.

Kind of makes sense when you put it into relationship with what I did today. Back in March I did a Comparative Market Analysis for a Las Vegas Home owner who probably was not too happy when I came up with a $175,000 fair market value price for a home he paid $276,000 for. He decided to hold out and put it up for rent to wait for the prices to rebound. Yesterday he called for another evaluation to see if things have changed and it came up around $140,000. (When I say that.. it means I would not list it for more then $140,000 otherwise I’m wasting their time, our time and advertising dollars.)

I guess we’ll see what happens in six months. Any Predictions?

Paul Francis, CRS
Las Vegas Real Estate
702.592.3058

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