'Make Me Move' Meets the Market
Posted on Friday, June 15th, 2007 at 6:37am.Zillow offers a cool, quirky feature, "Make Me Move," allowing homeowners to post their dream prices.
IF I WANTED TO SELL, I'd do it for... x...
It's a brilliant way of creating a grey market for homes. And of course the prices these non-serious sellers put on their properties are overstated.
The only interesting question is: How overstated? Here's some evidence.
The owners of 332 6th St. took the time to enter a "make me move" price on Zillow. They hoped for $3.750m for their newer, South End, walkstreet, 4br/5ba, 4,400 sq. ft. home. (Those factors do add up to: desirable.)
Alas, they were not just teasing. These folks actually want to sell.
Now they're on the MLS at $3.375m.
Based on a sample of 1, "make me move" prices are overstated by 10%. We'll be more systematic next time, but this one caught our eye.
Oh, the sellers paid $1.7m back in 2001, which certainly seems like 100 years ago in real-estate time. Six years later, they'll move if you give them $1.5 million to take with them.
IF I WANTED TO SELL, I'd do it for... x...
It's a brilliant way of creating a grey market for homes. And of course the prices these non-serious sellers put on their properties are overstated.
The only interesting question is: How overstated? Here's some evidence.
The owners of 332 6th St. took the time to enter a "make me move" price on Zillow. They hoped for $3.750m for their newer, South End, walkstreet, 4br/5ba, 4,400 sq. ft. home. (Those factors do add up to: desirable.)Alas, they were not just teasing. These folks actually want to sell.
Now they're on the MLS at $3.375m.
Based on a sample of 1, "make me move" prices are overstated by 10%. We'll be more systematic next time, but this one caught our eye.
Oh, the sellers paid $1.7m back in 2001, which certainly seems like 100 years ago in real-estate time. Six years later, they'll move if you give them $1.5 million to take with them.
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