Internet marketing companies are rallying to help Buyers but are leaving the Sellers out in the cold.

 

 

Another Internet marketing company is joining the ranks to give advantage to the Buyers. Real estate search engine HomeSpace has unveiled their latest feature, HomeValue, which allows Home Buyers to determine their negotiation advantage on real estate that they are interested in.

By making past listing and past transaction data available to the public, HomeValue boasts they now offer the most number of pro-consumer features to help consumers effortlessly obtain said information.

Once again this industry, much like the real estate industry itself is moving away from the Sellers and concentrating on the Buyers.

Appraisers do not pay attention to what a certain parcel of real estate had originally sold for or what the property had been listed at and how many listing price adjustments a seller had made. Appraisers set a value using several methods, none of which are based on the information these Internet marketing companies feel it is so important to share with the Buyers. It is public information to be sure but it has nothing to do with establishing values and will only confuse negotiations and harm the Sellers

Does the price paid for a Cadillac effect what it is worth as a used car? What if it is 10 years old? What if it is a 40 year old mint condition classic that the owner had paid only $700.for back in 60’s? Will that stop the seller from obtaining a bid of a quarter of a million dollars at one of the Arizona auctions?  Will any buyer at the auction point out to the seller of the classic Caddy that he or she had originally paid $700 for the car so they are now justified in offering only $600 for it?  It does not matter what was paid. It matters what the current market value of the property is and that cannot be established by what these services are providing!

This wholesale movement away from the Seller and towards the Buyer will have dramatic effects upon the sellers and the marketplace if things continue in this direction.