Selling new home construction has been relatively easy for new home sales agents the past few years. A potential home buyer would purchase a new home – largely based on what the home builder’s sales agent said the house was worth.
The only real obstacle standing in the way of the home builder getting the asking price for the property, would be an occasional maverick appraisal company trying to urk out property values within the new community. In those cases, either the home builder would lower the new home’s sales price… or find a more agreeable property appraiser.
Zillow is changing how the real estate appraisal game is being played.
Like adding instant replay to the NFL, there now exists a “time out” reference point for all parties involved in a real estate transaction to “review the call,” before a final purchase determination is made.
While there is a strong argument on the accuracy of the “Zillow Zestimate,” this new Real Estate 2.0 mammoth is not going to go away. Real Estate Professonals will have to learn to contend with – and learn to profit from this new consumer centric info portal.