Comments for Palos Verdes and South Bay Los Angeles Real Estate News by Maureen Megowan http://mmegowan.wordpress.com News and Insights as to the real estate markets of Palos Verdes and the South Bay of Los Angeles Thu, 07 Aug 2008 20:09:33 +0000 http://wordpress.org/?v=MU Comment on Fortune Magazine and Zillow.com - A Follow-up by Brett Barry http://mmegowan.wordpress.com/2007/02/15/fortune-magazine-and-zillowcom-a-follow-up/#comment-22 Brett Barry Tue, 27 Feb 2007 16:02:55 +0000 http://mmegowan.wordpress.com/2007/02/15/fortune-magazine-and-zillowcom-a-follow-up/#comment-22 I read your comments with great interest, since I was the only Realtor "source" for Mr. O'Brien's article on Zillow.com It's obvious to me that O'Brien had already formed his opinion that Zillow was somehow creating a new "Paradigm" in Real Estate research for the public to devour. He poked some fun at me (and all Realtors), but the basic gist was that Zillow was creating something truly new. As a Realtor for over 15 years, I have heard these arguments before many times and I think that they are false. Zillows "zestimates" are cosistantly off by 10% or more, and on a $600,000 home that is $60,000+. This is an unacceptable margin to be off, and regardless of how much they fine tune the Zillow site, I highly doubt that it will ever be close to accuarate. There are way too many variables, especially in an area like Palos Verdes where you have a mix of older and more remodelled homes. Even the tract homes here in Phoenix can vary widely. Mr. O'Brien never questioed some of Zillows own goofy numbers quoted in the article - the fact that in Phoenix "Zillow has Zestimates for 99 percent of all Phoenix homes and claims that 72 percent are accurate to within 10 percent." These are not rock solid numbers, and they never will be. I agree that homes are not the same kind of commodities as stocks, and the founders of Zillow are overestimating their abilities and misleading consumers in the process. I honestly feel no threat as a Realtor from Zillow - good information in the hands of consumers is a positive thing. But to think Zillow will be changing the entire paradigm of Real Estate is just dead wrong. Zillow will not do for Real Estate what Expedia.com did for the travel industry, not a chance. Kep in mind that much of what we do as experienced Realtors is to help manage the emotions of sellers and buyers, especially AFTER the home is sold and going through the escrow process, home inspections, and financing of the buyer. Let Zillow figure all that out - it isn't going to happen. I read your comments with great interest, since I was the only Realtor “source” for Mr. O’Brien’s article on Zillow.com

It’s obvious to me that O’Brien had already formed his opinion that Zillow was somehow creating a new “Paradigm” in Real Estate research for the public to devour.

He poked some fun at me (and all Realtors), but the basic gist was that Zillow was creating something truly new. As a Realtor for over 15 years, I have heard these arguments before many times and I think that they are false.

Zillows “zestimates” are cosistantly off by 10% or more, and on a $600,000 home that is $60,000+. This is an unacceptable margin to be off, and regardless of how much they fine tune the Zillow site, I highly doubt that it will ever be close to accuarate. There are way too many variables, especially in an area like Palos Verdes where you have a mix of older and more remodelled homes. Even the tract homes here in Phoenix can vary widely.

Mr. O’Brien never questioed some of Zillows own goofy numbers quoted in the article - the fact that in Phoenix “Zillow has Zestimates for 99 percent of all Phoenix homes and claims that 72 percent are accurate to within 10 percent.” These are not rock solid numbers, and they never will be.

I agree that homes are not the same kind of commodities as stocks, and the founders of Zillow are overestimating their abilities and misleading consumers in the process.

I honestly feel no threat as a Realtor from Zillow - good information in the hands of consumers is a positive thing. But to think Zillow will be changing the entire paradigm of Real Estate is just dead wrong. Zillow will not do for Real Estate what Expedia.com did for the travel industry, not a chance.

Kep in mind that much of what we do as experienced Realtors is to help manage the emotions of sellers and buyers, especially AFTER the home is sold and going through the escrow process, home inspections, and financing of the buyer.

Let Zillow figure all that out - it isn’t going to happen.

]]> Comment on Interest Rate Update from HSH Associates by Paul Havemann http://mmegowan.wordpress.com/2006/12/29/interest-rate-update-from-hsh-associates-2/#comment-10 Paul Havemann Sat, 30 Dec 2006 00:48:16 +0000 http://mmegowan.wordpress.com/2006/12/29/interest-rate-update-from-hsh-associates-2/#comment-10 This week's average mortgage rates, and commentary, are now available at http://www.hsh.com/trends.html -- feel free to quote from it. (The lead graph no longer contains a link back, so if you'd like to add one we'd appreciate it.) Happy New Year, Paul Havemann, VP HSH Associates, Financial Publishers This week’s average mortgage rates, and commentary, are now available at http://www.hsh.com/trends.html — feel free to quote from it. (The lead graph no longer contains a link back, so if you’d like to add one we’d appreciate it.)

Happy New Year,

Paul Havemann, VP
HSH Associates, Financial Publishers

]]> Comment on Interest Rate Update from HSH Associates by Paul Havemann http://mmegowan.wordpress.com/2006/12/29/interest-rate-update-from-hsh-associates-2/#comment-9 Paul Havemann Sat, 30 Dec 2006 00:45:38 +0000 http://mmegowan.wordpress.com/2006/12/29/interest-rate-update-from-hsh-associates-2/#comment-9 This week's average mortgage rates, and commentary, are now available at http://www.hsh.com/trends.html -- feel free to quote from it. (The traditional link back would be appreciated, too.) Happy New Year, Paul Havemann, VP HSH Associates, Financial Publishers This week’s average mortgage rates, and commentary, are now available at http://www.hsh.com/trends.html — feel free to quote from it. (The traditional link back would be appreciated, too.)

Happy New Year,

Paul Havemann, VP
HSH Associates, Financial Publishers

]]> Comment on Author: Maureen Megowan / Remax Palos Verdes Realty by Brian http://mmegowan.wordpress.com/about/#comment-3 Brian Wed, 29 Nov 2006 22:49:22 +0000 /about/#comment-3 We just issued our Quarterly Foreclosures Report on Seattle, New York, Miami, and Los Angeles and I thought you might be interested for your blog. I can send you the full report or the news release that went out a few hours ago if it's of interest. I can also send you an image of Top 20 Los Angeles zip codes for Trustee Sales. Just let me know. Best, Brian ------------------------------------- www.propertyshark.com "One company that goes super-deep into the data: Property Shark" - (Business Week, January 13, 2006) We just issued our Quarterly Foreclosures Report on Seattle, New York, Miami, and Los Angeles and I thought you might be interested for your blog. I can send you the full report or the news release that went out a few hours ago if it’s of interest. I can also send you an image of Top 20 Los Angeles zip codes for Trustee Sales.

Just let me know.

Best,
Brian

————————————-
http://www.propertyshark.com

“One company that goes super-deep into the data: Property Shark” - (Business Week, January 13, 2006)

]]> Comment on Hello world! by Mr WordPress http://mmegowan.wordpress.com/2005/12/19/hello-world/#comment-1 Mr WordPress Mon, 19 Dec 2005 21:06:32 +0000 #comment-1 Good luck on your new web blog. Good luck on your new web blog.

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