Week in Review: Treasury Secretary Henry Paulson announced plans Sunday to take control of troubled mortgage giants

What a fun week on the 4realz Hotlist…  I wasn’t exactly sure what type of microposts people would throw up, but was pleasantly surprised at the results.

There’s a lot of stuff going up on the Hotlist, so if you’re low on time, here are the highlights from the past week:

I think it goes without saying that I’ve been doing all my microposts on the 4realz Hotlist and going to save 4realz.net posts for the more traditional (but infrequent) blog posts.    The beauty of the Hotlist is that you can join in with me in documenting anything of interest that’s going on around the web and help get you featured on both 4realz.net and my email newletter.

4realz Roundtable: The Value of Home Values

I’ve got something special planned for this week’s 4realz Roundtable. In honor of Realtor.com’s release of the home valuation tool, we’re going to cover the value of online home values!

Join us on Thursday at 4pm (PST) to take part in the conversation!

Of course, the discussion is what makes the 4realz Roundtable work, and so far, I’ve confirmed three great guests for the conversation:

And, of course, YOU are always invited to join the conversation. For the past two week’s we’ve had an active chat conversation going on during the call, which has been just as interesting and entertaining as what gets recorded! 😉

(By the way, I reached out to the realtor.com team, but received no bites in terms of people who were willing to sit at the 4realz Roundtable…)

Here’s a general outline of things I hope to cover:

  • Discussion on the background on online AVMs
  • How have perceptions of online AVMs changed over the past two+ years… Both within the industry and among consumers
  • What are some of the interesting legal issues surrounding AVMs in terms of privacy issue
  • Is there a reason to think that AVMs will get better in the future?

If you have other topics you’d like us to cover, please let us know in the comments and/or join us on the call and ask the question yourself! I’m going to do my best this time to make sure we reach out to some more of the people who call in to make sure we hear from you during the call!

UPDATE:

I’ve confirmed a few more guests for today’s show:

UPDATE 2:

What a great conversation!  Things definitely got a bit rough with David G on the hot seat for a bit, but overall, I had some great insights from the conversations and hopefully you will to!   If you haven’t listened to the conversation on the value of online home values, then listen here:

[podcast]http://recordings.talkshoe.com/TC-20339/TS-122563.mp3[/podcast]

4realz Exclusive: Realtor.com unleashes the Zillow killer and you…

…didn’t even notice:

new home values tool on Realtor.com

Apparently, Realtor.com launched their answer to Zillow recently without much fanfare!

The first thing to note is that the new tool mixes estimates for home values along side listings from the Realtor.com database. This would have been unthinkable just a few years ago, but even with an announcement from NAR, the blog world has been silent. (And I’m told by someone-in-the-know that it has been live with a link from Realtor.com for a few weeks already!)

The part that seems to be missing is accuracy of the listings.

For example, the VERY first comparable I tried shows a home value estimate that is clearly way off base… The home at 26227 Adamor Road in Calabasas, CA which recently sold for $575K is listed on Realtor.com with an estimated value of $925,399 and Zillow with a zestimate of $564,000.

Recently sold home on Realtor.com

OUCH! If I was a REALTOR trying to sell a home on Adamor Road, I sure would be pissed if REALTOR.com was estimating homes were selling in the million dollar range, but actual sales were closer to the $600K range! A “beta” label only goes so far!

The second example I tried (by simply typing in Seattle, WA and then zooming in randomly until I could see a listing) was the home at 7352 26th Ave in Seattle, WA showed a recently sold price of $880K, the Realtor.com home value is $690,000, while the zestimate is $900,500.

For the third example, I decided to head further east to Chicago (no real reason other than NAR is located in that area). I randomly landed at 1729 N Melvina Ave in Chicago, IL which recently sold for $225K. the Realtor.com home value is $218,183, while the zestimate is $247K.

Results:

Two horrible estimates and one decent estimate out of three tries. It makes sense that the realtor.com team has not made a PR push around this feature yet! 🙂

On a related note: Things get even more interesting when you think that NAR took on a similar project (was called “Gateway”, now called “Real Estate Channel”) to aggregate home information across the country. These types of projects are not cheap… so why create duplicate efforts?

Sellers to start certifying their “preowned” homes???

For around $1000, ZipRealty lets seller certify their home and give buyers some added protection…   It’s an interesting twist on the home warranty protection that many buyer’s agents provide to home buyers after the sale.

I can’t decide…  Is it just a sales gimmick by Zip that won’t have much impact?   Or might this actually interest some home owners who are looking to stand out with buyers who might be a bit skittish?