What Zillow doesn't want you to know about its listing gap
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Re: What Zillow doesn't want you to know about its listing gap
#2It doesn't seem surprising that Zillow is pump-and-dumping in an already extremely bubbly market.
Re: What Zillow doesn't want you to know about its listing gap
#3What annoys me about Zillow is that their "number of days on Zillow" is totally bogus. A house down the street was on the market for 2 months (at a highly inflated value). Time on Zillow? 2 weeks.
Maybe the time on Zillow is based on repricing or taking it off the market and putting it back on? Either way if you were looking for homes unless you kept track of an individual house you wouldn't be any wiser.
Also amusingly the house was a tear down, so the Zestimate was based on the old crappy house. Which I'm sure the builders loved -- it was half the price of the newly built home.
Re: What Zillow doesn't want you to know about its listing gap
#4What annoys me about Zillow is that their "number of days on Zillow" is totally bogus. A house down the street was on the market for 2 months (at a highly inflated value). Time on Zillow? 2 weeks. Maybe the time on Zillow is based on repricing or taking it off the market and putting it back on? Either way if you were looking for homes unless you kept track of an individual house you wouldn't be any wiser. Also amusin…
Well you're not buying the house to be built. You're buying the land and the crappy house. By your logic, you'd be paying for the new house twice. Once you when you pay the builders, and again when you just throw money at the seller of the tear down.
Re: What Zillow doesn't want you to know about its listing gap
#5Mods: the title of this HN post is not the title of the linked article, which at this writing is the somewhat less clickbaity "What Zillow Doesn’t Want You To Know". In fact, the c&d part, while important, could almost be seen as a distraction from the larger issues of MLS listing access discussed in the article.
Re: What Zillow doesn't want you to know about its listing gap
#6One point that this analysis misses is that there's often a significant delay between the time a property hits the market (lists on MLS) and the time it hits aggregators like Zillow [0]. If you're looking at week old listings in hot markets like LA and SF, then you're looking at a batch of inventory that has already been picked through by savvier buyers.
For this reason, we always recommend that our buyers use a brokerage-quality data feed like ours [1] or Redfin's to monitor for new listings. If you have a reliable data feed and check what's new once a day, then you never miss out on the best properties -- much less stressful than clicking and re-clicking tiny icons on a map.
[0]: http://www.inman.com/2014/02/14/los-angeles-claw-is-first-ml... [1]: https://www.openlistings.com/setup
Re: What Zillow doesn't want you to know about its listing gap
#7It doesn't seem surprising that Zillow is pump-and-dumping in an already extremely bubbly market.
While you didn't provide any evidence, I agree with you. The housing market didn't "rebound" per se; investors soaked up all of the distressed inventory while previous owners fled to rentals. This masked the underlying fundamentals of the real estate market.
In some markets (SF, Texas), you have a lot of foreign (read: Chinese) money flowing in fleeing less than favorable jurisdictions. That should hold prices up there (as well as the other obvious reasons SF pricing will be held high; Texas is a new phenomenon).
Other markets though are (in my opinion) being held up by extremely low mortgage rates (<4%), and as soon as the Fed starts their march upward, you're going to see home prices come down. This doesn't even begin to address Boomers who are going to want to downsize to unlock their equity for retirement, flooding the market.
Re: What Zillow doesn't want you to know about its listing gap
#8Mods: the title of this HN post is not the title of the linked article, which at this writing is the somewhat less clickbaity "What Zillow Doesn’t Want You To Know". In fact, the c&d part, while important, could almost be seen as a distraction from the larger issues of MLS listing access discussed in the article.
What do you mean? The current title is factual, the actual title is clickbaity.
Re: What Zillow doesn't want you to know about its listing gap
#9Mods: the title of this HN post is not the title of the linked article, which at this writing is the somewhat less clickbaity "What Zillow Doesn’t Want You To Know". In fact, the c&d part, while important, could almost be seen as a distraction from the larger issues of MLS listing access discussed in the article.
The title may be clickbaity but it's true, and it's the biggest takeaway I'd have gathered from the post had I found it through other means.
Re: What Zillow doesn't want you to know about its listing gap
#10What annoys me about Zillow is that their "number of days on Zillow" is totally bogus. A house down the street was on the market for 2 months (at a highly inflated value). Time on Zillow? 2 weeks. Maybe the time on Zillow is based on repricing or taking it off the market and putting it back on? Either way if you were looking for homes unless you kept track of an individual house you wouldn't be any wiser. Also amusin…
It's also possible the Zillow listing didn't happen at the same time the home went on the market. It may have been on Realtor.com for 6 weeks before going onto Zillow.