
In Freakonomics, Steven Levitt and Stephen Dubner were presenting the case where real estate agents selling their own house were keeping their real estate on the market for an average of ten more days than they normally would for their clients. Even more, they would sell it for an extra 3%. Levitt and Dubner explain that this occurs because for every $10.000 that the agent can get for you he only receives $150 as his commission. This means, the agent has no real incentive to put in the hard work and not go with the first offer you get. So the agent will always try to make you accept the first "ok" offer that comes along, so he can move on to another sale. In most cases you will listen to your real estate agent and take the deal, losing thousands of dollars in the process. This is a direct result of information abuse: people who have the knowledge, in this case real estate agents, use it to their own advantage.
The solution to this problem is... the Internet and its real estate web apps. These apps can help you sell and buy your own house, make an informed decision, get info and gain inside knowledge of the real estate market etc.
AppAppeal has decided to give App Awards to some of these real estate apps that provide us with the knowledge and info necessary to gaining huge financial benefits.
Best value for money: Zillow
When it comes to buying propriety the more informed you are the more money you can save on your purchase and the happier you will be. At least that is what we think. Since most of the real estate applications are free, the best value for money could go only to the app that offered the highest amount of information/service for that insane amount of nothing. To answer your questions: Zillow offers information on the available apartments in a city, area, state etc. but at the same time it shows and compares mortgages, and more details like: down payment, create a payment plan, calculate your rate etc.
on 23 Feb 2012 at 19:58
While a realtor may result in my leaving a little money on the table ... if I believed Zillow's 'zestimate' I would be leaving FAR more on the table.