Q: My wife and I really liked that property you showed us last week but I think the price is too high.

I looked it up on Zillow and they say that it’s worth a lot less. We might still want to make an offer but it would be for about 20% less than the asking price. I was surprised that you didn’t suggest a lower offer. You have on other property we’ve looked at in the past, so why not this one?



A: First I should tell you that it sold last weekend, probably for full asking price. I understand there were multiple offers. Determining value, especially in our small localized market, is very challenging. What I can tell you is that the house you looked at, like some of the others that are selling quickly, was well priced for our local market.


I should also caution you against using Zillow, or any other similar online site. These sites operate on computer generated information that is often wrong, and they attempt to give values for markets all over the country with no knowledge or understanding of the issues in each local area.


Currently, Zillow is showing homes for sale on Vashon that have sold and closed. They even have some homes that were taken off the market weeks or months ago still showing up on their site. They simply can’t be relied on to give accurate information, especially on market value. There are homes for sale that they don’t list on their site and incorrect information about many properties. People should really only use the websites of local Realtors in each market area.


Buyers are wise to research everything they can about housing, local schools, issues in the community and anything else that helps them make an informed decision. But please, don’t rely on these online companies to be accurate.


Using a Realtor with experience and knowledge in their local market, one that’s properly representing you, is a far better way to determine when a property is over priced or when it’s a good deal. Better luck next time.