Zillow Update
ARDELL on 04 24, 2007
In the next couple of days, we may be seeing that “Cease and Desist Order” lifted in Arizona. Stay tuned.
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http://www.cnbc.com/id/18289837
pacific northwest is a real estate hot spot that is fading.
Thanks for the link, Sandy.
But given my buyer client lost out in a bidding war yesterday in Redmond, I’m not seeing the fading part today.
I do wish it would slow down enough for property to actually sell at “fair market value” Our offer was a good one based on value, but lost by over $25,000.
Why are you “sad”? Why does news and fact and change make people “sad”? I am always confused by that. Wrong valuations make me sad, market changes (i.e. Reality) never makes me sad. Mistakes and errors make me sad. Reality changing so we can step to the new beat, never makes me sad.
But as long as multiple offers are one in two or three for my clients, I see no “fading” in the forecast.
Hi Ardell,
Did Zillow receive an actual court order to cease and desist, or simply a cease & desist letter from an attorney? I admit I haven’t really looked into this; but it’s sort of growing on me a little bit. Is there a link showing what Zillow actually received in AZ?
Hi Ardell,
I think I’ve answered my own question. Reading off today’s afternoon RSS info feed from Inman News, apparently the AZ Board of Appraisers issued 2 cease & desist letters to Zillow to stop their “appraisals” in AZ. Additionally, it looks like legislation exempting Zillow from this requirement has been “killed” at least temporarily…hmmm…does anyone else smell special interest “rats” at work here, or am I just being too pessimistic & suspicious? Unfortunately, my computer didn’t seem to want to call up / link to more details on this for some reason, so that’s the extent of my knowledge.
Try this one Joe.
Hi Ardell, May I ask if this was a new home or a old home? I am wondering there are trends like certain price range, livable sqft area, yard space, zip code, town home/SFH that give insight into the so called fading of real estate hot spot here? For example are new constructions sitting around longer than older homes? Are homes with smaller yards sitting around longer? Are homes below say 700K$ selling faster? When you post your March-April stats if you could break it down in terms of age of home, yard, zip code, price, town home vs SFH that would be a great analysis.
Sandy,
At some point I can tell you which house it was, but my client may still be able to get it if the inspection goes badly on the offer that was accepted. It will need a new roof, it is an old home, it is a rambler with a basement. It was not underpriced by any stretch of the imagination. It did not have a big yard.
I’ll do that analysis as soon as possible. I’ve finished my April closings, or will have by end of day tomorrow. I do know a new construction site up in Lynnwood by the mall where the builder jacked his prices up, took away buyer incentives and reduced the buyer agent fee dramatically and sold almost all of them after doing so.
I’ll have to read that article in full and see what they are saying and where it might apply. This market same as last year so far, but not as good as 2005. That was my prediction, and I believe that is how it will play out. I think interest rates may come down in June and push out the tail end of this season.
I had a closing today with a 5.75% rate. If we can keep rates below six for most people and down towards 5.5% by mid June, we’ll have another year of appreciating values.
I am seeing people be more conservative by and large. Providing a good value however, has not been an issue of “old” vs. “new”. Yard too big is not good. Yard too small is not good. It’s all about Goldilocks and the Three Houses.
I will choose not to sign my name on this but I will leave a clue as to whom I am.
Personally, from my point of view looking at the language of the laws from a political science perspective, Zillow is in violation of a dozen of rules state rules. Zillow made an error going in doing what they did without researching the state laws and it is not just AZ. Do I think they are preforming an appriasal – by definition of the individual state laws, yes. I do disagree with Greg Swann on the part of the language about the neighbors discussing the estimate being an appraisal through. The language to me doesn’t read that way but that is the beauty of law – one person can read it one way and another in a whole new light.
I like what Zillow has to offer through, but as a history major and political science major, I do not feel sorry for them legally. I do hope they can work the mess out but I fear even if the law is rewritten there is going to be some more negative consequences.
PS: Ardell I see you kid had a b-day. When you gonna send me her phone number?
Email me and let me know what you are up to.
Hey Kid
What do mean when you say “there is going to be some more negative consequences”. I already sent the email. Am I the only one who will “know” you here? We need another clue…I sent you a riddle.
I know who it is!!! (He always leaves comments from the same IP address: 208.65.230.87!)
I think he’s a very bright kid I used to talk to about New Age stuff. He was 15 or so at the time, but very bright for his age. Trying to remember his name…Jeff maybe.
Negative consequences – I think it will have some negative effects putting some agents out of business in the long term if the law gets passed. But I haven’t done much research into that one so I am not qualified to say much beyond the fact that that is a personal opinion.
Dustin: Good job but I think the IP Address 206. pops up at times as well.
Ardell: Didn’t get the email. And no you should not be the only one who knows who I am but to avoid saying something and stepping on any toes I’ll remain the Carolina Kid for the time being.
Sweet swings: (hint)
Carolina Kid