Uh Oh, Zillow!

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The most accurate real estate listing sites will always be in the local multiple listing sites (MLS), as this is where data begins. When I meet with a seller(s) to ‘list’ their home, that means the property will then be entered into the MLS system which is a public website for folks to see listings for land, homes, condos and multi-unit properties. Few commercial properties are put on an MLS for public view but may appear just on that firm’s website. But not all websites for real estate firms are great. Most will have a link to MLS listings for all companies who have listings in their local MLS, bio’s of their agents and broker and possibly helpful hints to buy and sell, links to favorite vendors, etc. The system has been around since the late 1800’s. It really got a serious start in San Diego in 1885, when real estate brokers shared listing info via runners who took horses, trolleys, and later cars to deliver info back and forth between brokerages.

Fast forward to the early 2000’s when some execs at Expedia created the real estate company Zillow, with the intent to provide property data and give instant home evaluations called ‘Zestimates’. A few years after launching the site it created the Zillow Mortgage Marketplace and then started and stopped their ‘iBuying’ program where they would purchase your home online. The real estate market was smokin’ hot in 2018 when the company made online offers to home owners but found that soon turned into a big losing part of the brand and was shut down as the market became soft. Their website remains full of information but as a top selling broker, I can say that Zillow Zestimates are notoriously wrong and I’m constantly hearing both complaints about that from clients or am having to give clients the real data that shows their property isn’t worth the millions of dollars that Zestimate gave them.

Zillow right now is in big trouble with the Feds. A new class action lawsuit claims that Zillow eavesdrops on client communications to catch their Zillow agents who have recommend lenders that aren’t part of the Zillow Mortgage Marketplace, requires its special ‘Flex’ agents to meet quotas and cherry picks highly qualified buyers for mortgages but offers higher loan interest rates and inaccurate disclosures. These would be RESPA violations wherein Zillow (according to the lawsuit) is “illegally both giving and receiving a thing of value related to referrals and receiving payments that is not in exchange for completing the property transaction.” The complaint has been amended after a separate class action suit accuses the real estate firm of using kickbacks to boost its mortgage. There are also accusations that defendants have made claiming RICO violations, in that the company runs a criminal enterprise of sorts of fraud, extortion, etc.

We shall see what happens with these lawsuits in the coming new year. HAPPY HOLIDAYS!

HOARDERS

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Oh, the things I’ve seen inside homes here in Utah, having sold thousands of homes here in Utah in almost 42 years!  Many of my clients have parents that are moving to assisted living or have passed and before the property can go to market it often has to be cleaned out. Folks who lived through WWII were encouraged to recycle. Goods like foods (sugar, meat, butter, coffee) were being culled to send to troops around the world and items like pots, razor blades and even bobby pins and paper clips were donated to the war cause to melt down and repurpose for bullets, guns, helmets, tanks, etc. The mentality for many Americans was it was patriotic to support the troops in any way possible, but the downside was many people turned into hoarders.

I have helped families clean out basements that were full of 30-40 year old food storage bins (full of wheat and worms), full boxes of old toothpaste tubes (they used to be metal) and empty lipstick containers, and the massive piles of National Geographics, Look and/or Life Magazines and unopened packets of nylons, panty hose (silk and nylon was needed for parachutes, so civilian use was restricted).

What I have learned about hoarders is that they have extreme attachments to things and get stressed at the thought of donating or throwing out items. Hoarding can also be a sign of intense depression and is an actual medical disorder.

My friend, Linda Hilton, has a company called ‘Sorting Through’, and during January of every year she sends out a daily nudge to throw out or donate items in the house. It’s a really gently email. For example, on January one, she encourages us to ‘find an empty cardboard box’.  Hell, that’s not hard. I’ll admit I save boxes, and sure, I can recycle a few. Today’s instruction: “Look through your spices. Find the one you haven’t used for years and toss it out. Don’t Like Cajun seasoning? Toss it too! BONUS: Throw away a recipe you cut out from a magazine (10 years ago?) and never made.”

Linda assists hoarders and people downsizing for a living and has even more stories than I do. I remember one client I referred to her several years ago who had a beautiful mansion near Pepperwood-a large, newer and expensive home. The owner told me before arriving that the basement was unfinished, but when I got there, I had to catch my breath as the basement was full of clothing racks with massive amounts of dresses, coats, blouses, etc. that had never been worn and still had their tags on them.  It took almost a month for Linda to help the owner patiently and carefully go through every item and although it cost them a lot for the service (Linda probably spent 100 hours over there), the home was ready to sell and of course, sold quickly.

If you think you’re a hoarder, Google “Swedish Death Cleaning” for suggestions as to how to start your process of cleaning out and cleaning up.