SMDRA Chairman, Brian Anzur, Quoted in ‘The Colorado Sun’ Newspaper
SMDRA’s 2021 Chairman of the Board, Brian Anzur has been quoted in the following article in the Colorado Sun Newspaper and online news source – The collapse of Zillow Offers — the online real estate giant’s venture into buying and selling homes — announced Nov. 2 can be traced, in one small part, to its over eagerness to invest in Colorado’s red-hot real estate market.
Read Brian Anzur’s Quote:
“Like Christmas” for some sellers, but not buyers. For those few lucky sellers, Zillow made it “feel like Christmas,” said Brian Anzur, the president of the board for the South Metro Denver Realtors Association. But buyers don’t see Zillow as Santa. Anzur would walk home-hunting clients through a Zillow-owned home and they would be amazed, he said. And not with the house.
“They’re going ‘How much are they asking?’” Anzur said. “The market is crazy in Colorado compared to other places in the country, but it’s not stupid. It can see value. If you bring a property to the market that is simply priced too high, the market tends to ignore it.”
Which is what is happening to Zillow as the company steadily decreases asking prices for hundreds of homes it overpaid for across the Front Range. Anzur recently brought clients to a Zillow-owned home in the south metro area that was priced about $75,000 over similar properties in the neighborhood. The property next door, he said, was blighted; no grass, peeling paint and rusting barbecues in the dirt.
“Zillow could not see that. They see beds, baths, square footage and locations,” Anzur said. “Their algorithm really fell short in evaluating other things that are important to purchasers.”
For many years, real estate brokers have had to educate sellers and buyers who click over to Zillow’s zestimate tool that provides often-incorrect values. “Now we have the company behind the zestimate saying ‘We just didn’t get it right,’” Anzur said.