Matthew Ferrara just left an interesting comment about Realtor.com Home Values…

…that reminded me of this video from the previous head of REALTOR.com:

[Ferrara’s comment]

“…Instead of just copying everyone else, maybe REALTOR.COM (and by extension, NAR) could make some decisions based upon market realities. And the reality is that Zillow (and other similar tools) are really inaccurate because the “conditions” on the ground are always so fluid that “estimates” based upon “market data” which is always stale because of “time” are really bad education for consumers. REALTORS should know better. Many consumers buy homes “regardless” of their estimated market comparable – and many sellers are able to sell for higher (or can’t sell nearly the same as a computerized estimate) because of all sorts of NON estimated items – like poorly performing schools, local tax changes, crime, etc – NONE of which can be accurately reflected by a computer. Only by REALTORS who keep up with “the full marketplace” of issues that impact homes.

If I interpret this right, Ferrara thinks that realtor.com should not offer such an AVM product, but should instead focus on helping real estate professionals educate consumers on  the fact that AVMs aren’t worth the digital real estate they’re printed on…

My guess is that Ferrara has his pulse on the finger of most realtors and they’d love to hear this… but at the same time, Zillow has single-handedly changed the public’s expectations.  Consumers now expect free home valuations when they go online and if they don’t get it from a realtor, they’ll go elsewhere…