[Geithner Bathroom, Westchester MLS]
Remember former Treasury Secretary Tim Geithner’s blue bathroom that didn’t help him get his price back in 2009?
Today I received a press release from Zillow that shared the results of their research with the headline: Homes with Blue Bathrooms Sell for $5,400 More than Expected.
Like the Zestimate’s results that are presented to the nearest dollar, this type of presentation infers a market precision that does not exist. Labeled as “disrupters,” I think Zillow’s concept of “aggressively marketing an accuracy that is non-existent” is one of the biggest challenges facing real estate appraisers and brokers and in turn, the consumers. Numbers can be magic, especially when presented in an econ-sounding way. The consumer absorbs the results as gospel without challenge.
I’m sure the numbers are accurate with the data they have but Zillow’s application of the results are misleading. Yes their data says blue bathrooms sell for $5,400 more but that doesn’t mean your blue bathroom will get you $5,400 more than your neighbor with the exact same house across the street that doesn’t have a blue bathroom.
As that commercial on tv says: if it’s on the internet, then it must be true.
Tags: Zillow, The Daily Show, Tim Geithner, Zestimate
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