Question Details

Julie,  in Buffalo, NY

Zillow - Make me Move:

Asked by Julie, Buffalo, NY Sun Mar 2, 2008

Do you think anyone is actually getting buyers at the inflated prices they are asking for with make me move... I searched my zip code and there is only one house listed. Conveniently for them it is listed much lower than the Zestimate. An unsuspecting buyer just might think it's a good deal. What do you all think of the this feature?

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Turn your thought process around. Forget about what the buyers think. This is a great LISTING TOOL for all of us. Think about the MAKE ME MOVE section as an opportunity for you to snail mail to these clients. It's not often in life you get to see folks raise their hands and say "I'd move...if I got my price". Deciding to sell is a process, with the market decreasing the way it has nationwide, these folks may be able to move-up to their dream home now that prices have fallen.
3 votes Thank Flag Link Thu Mar 6, 2008
Hi Drew!

Welcome to Trulia Voices. Thanks for joining the conversation.

Rudy
Social Media Guru at Trulia.com
Web Reference: http://www.truliablog.com
1 vote Thank Flag Link Fri May 16, 2008
Thank you for the intro Rudy :)

Drew from Zillow here. Make Me Move was created to be part fun, part serious. It’s based on the idea that everyone has their price. For some people, their home is about more than just a place to live -- it’s where their children took their first steps, or where generations have gathered year-after-year for Thanksgiving. As a result, their Make Me Move price is going to be nowhere near realistic. But for some people, the idea of selling might be more enticing. We’ve found that the median MMM price is about 17% higher than the Zestimate, letting us know more people are leaning toward the realistic end of the spectrum. And in surveys, we’ve found that about 1 in 10 people have been contacted about their home. Since Zillow only facilitates the conversation, but doesn’t have a part in the actual transaction, we’re unsure of just how many have resulted in actual sales. I can say the success stories we have heard have been pretty fascinating -- I've linked to an article the Wall Street Journal wrote about MMM with the reference link below.

Of course, if you really want or need to sell your home NOW, Make Me Move probably is not the right avenue. But if you’re like most people and would move for the right price, it can’t hurt to post a MMM price on your home. The creation of Make Me Move brought to light the fact that sometimes there’s a lot more grey area between selling and not selling than you’d think.
1 vote Thank Flag Link Fri May 16, 2008
Drew from Zillow here. Make Me Move was created to be part fun, part serious. It’s based on the idea that everyone has their price. For some people, their home is about more than just a place to live -- it’s where their children took their first steps, or where generations have gathered year-after-year for Thanksgiving.
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And unfortunately THEY are the perfect buyer for their own house. Sellers who can't step outside of the emotional feelings they have for their house don't price correctly and don't sell.
0 votes Thank Flag Link Fri May 16, 2008
Wow, thanks for the answer, Drew. Very cool.
0 votes Thank Flag Link Fri May 16, 2008
Hi Julie!

I'm not sure if Zillow has published any stats about their Make Me Move program but I'd sure love to see the results thus far. Maybe David G. or Drew from Zillow can swing by and fill us in on the details.

Rudy
Social Media Guru at Trulia
0 votes Thank Flag Link Tue Mar 11, 2008
In our area, Zillow is a joke and uses extremely low county appraisals. I cringe when buyers quote Zillow as a basis for their offers. I can usually overcome the misinformation, but it sets buyers up for disappointment. Many agents don't go the extra mile to support a reasonable sales price (can you say CMA?)
0 votes Thank Flag Link Tue Mar 11, 2008
I always try to tell my sellers when they want inflated prices that they would need TWO morons -- a buyer who somehow doesn't know what prices homes are clearing at, and a lender who would be willing to write a mortgage at an inflated value.

In today's world of Internet information and tight credit, it's not going to happen. Look at your MLS and see what clears and what doesn't -- buyers are still buying, but they're only going for reasonably homes.

Ali
--
Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z
Web Reference: http://tinyurl.com/2ag28z
0 votes Thank Flag Link Mon Mar 3, 2008
Considering the complexities of pricing a unique commodity like Real Estate, I think Zillow is a lost cause. I can only assume it uses algorithms of a Multiple Regression Analysis nature, but that alone is pretty inaccurate considering subjective issues in pricing. I think Zillow is a good idea, but I think it is nearly impossible to execute with accuracy required by statistical analysis. However, I see nothing wrong with it being called a "good tool" it simply could not possibly stand alone without the other 3 measures of Real Estate value.
As for the buyer....well, that's what appraisal contingencies are for and an appraiser will at least use a comparative analysis and put more weight on it than a MRA, if he/she uses the latter at all (most appraisers on residential do not to my knowledge use MRA much). So the buyer is not at risk...WE ARE lol if zillow does give them the wrong idea, it's simply a new hurtle we must overcome when discussing that market with a buyer.

Brendan Murphy
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, WY 82070
0 votes Thank Flag Link Sun Mar 2, 2008
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