Jeannie Niles Real Estate Investment
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Zestimator
My son emailed this link to Zillow’s Zestimator this morning. I also read the article in the Wall Street Journal about how amazing this site is.
I must admit the comments in the Wall Street Journal saying this site would do to Realtors what Expedia did to Travel Agents got my attention.
I have never thought Real Estate Brokers would be indispensable because a good broker does so many more things besides just pricing a property. It’s always the old rule “you get what you pay for.”
Here are the results of my “test run” with the zestimator:
A condo I own in San Diego on 6th Ave, facing Balboa Park was priced at $815,000 – $100,000 more than what it is actually worth.
A property a client of mine owns in North County San Diego was valued at $949,000 – It’s actually worth $1,300,000.
A home I own in Desert Hot Springs was valued $267,000, which is almost exactly correct.
The above demonstrates that individuals using Zillow alone could be disappointed, or possibly confused. For example, my condo on Balboa Park is identical to all the others in the building, except for the floor it is on, and the interior design. But estimates vary by up to $200,000, even between condos on the same floor. Would spending $10,000 on remodeling raise my condo’s value by $100,000?
Zillow brings together a lot of interesting information in a pretty package, but it has some work to do before I retire.
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Seven properties went into escrow in October.
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For Coachella Valley
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Multi-family properties have been the hardest hit segment in the desert area for number of sales during the current real estate downturn.
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I am always frustrated how the media and other trade groups use statistical data to prove the point they want to make, thus I like to do my own statistical research.
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It can be very profitable purchasing bank owned properties in the current real estate market.
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Some of the most outrageous episodes in property ownership that the owners lived to tell about.
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Only 5% sales agents or brokers actually own investment property, and only 10% actually sell a property.
Every investor's situation is unique, and I have over 25 years experience solving problems. Use the form below to ask me about your unique needs.
Jeannie Niles Real Estate Investment
P.O. Box 317
Palm Desert, CA 92261
P: (760) 360-4020
F: (760) 340-9069
E: jniles@realestate-investment.com
