Make me Move, but ONLY for less than the market price!

Filed under: Statistics,Tools — admin at 1:45 am on Wednesday, February 13, 2008

This is why Zillow is in the game.

Not only are owners (or agents) posting homes for sale before they’re for sale, adding to liquidity AND an even stronger buyer’s market (buyers, that means you need to BUY), but people are also posting homes for less than the Zestimate that shows up right next to the make me move price. That’s either brilliant, or really dumb. Either way..you’ve got to be impressed by the sheer number of “Make me Move” homes that are now listed in Zillow.

4 Comments

Comment by Florida Vacation Rental Property

February 13, 2008 @ 5:35 am

Maybe by underpricing they are smarter by creating more interest in a property and let the bidding war begin. Once a person is emotionally attached to the home they will probably go higher on the price.

This is exactly what people should be doing. If you sit on your absolutely gotta have price your gonna have a long sit.

Comment by Drew Meyers from Zillow

February 18, 2008 @ 10:57 am

Hey, it’s Drew from Zillow. I just wanted to give some brief background knowledge on homes with Make Me Move prices. While I have definitely seen MMM’s that are lower than zestimate values, it’s not the norm. The delta between zestimates and MMM prices is actually 17% — meaning the average MMM price is 17% above the zestimate value.

And yes, we too love seeing all those blue flags on the map — there are currently 109,000 MMM homes on Zillow.

Comment by Seminar John

February 22, 2008 @ 4:43 am

I?ve heard that about 1% of properties in preforeclosure typically go into foreclosure. Does anybody have data showing what the actual percentages were for the LA area in say 1988, 1991, 1995 and 2000?

Comment by admin

February 25, 2008 @ 9:43 pm

Interesting stats Drew, thanks! While you’re looking at those stats..what’s the average delta for Eugene? Curious if it’s more or less than the national average.

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