An article in today’s Wall Street Journal talks about how people have started snooping into the values of their friends, relatives and acquaintances homes using online websites like RealEstateABC.com and Zillow.
I find it rather interesting that people have the time and desire to snoop that much, but also have to admit that I’ve done some of the same for many years using tools that are available to industry professionals. Most of the times I have looked up tax and sales price information have been strictly for putting together a deal and making sure the numbers line up. I always want my clients to get a good deal and never want them to feel like they didn’t have all the information available to make a sound financial decision.
One problems I have with these sites that give visitors a supposed value of a home is that I just don’t think they are accurate. I believe that there would be very few people in and around my neighborhood who would be lucky enough to get anywhere close to what REABC and Zillow are saying their homes are worth.
My biggest interest in these sites is how they are going to adjust and “keep up” as the market changes and values continue to drop to more realistic levels. Stay tuned – this should get real interesting.