Real Estate 2.0

I have used a few of the real estate estimate sites (Zillow and Reply) and found that they gave very high estimates for my house. I usually base my house’s value on what others in the neighborhood are sellilng for (and then add a bit since I have a newly finished basement and custom built kitchen).

Well, now it looks like the National Community Reinvestment Coalition (NCRC) has filed a complaint with the FTC stating that Zillow is “intentionally misleading consumers and real-estate professionals to rely upon the accuracy of its valuation services despite the full knowledge of the company officials that their valuation Automated Valuation Model (AVM) mechanism is highly inaccurate and misleading.”

While I don’t know all of the facts yet – I can’t imaging that Zillow would get anything from intentionally misleading us – it’s not like they get a commission when I sell my house – that goes to my real estate agent.

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