Real Estate
Walk-In Real Estate Critics
Online reviews give house hunters an alternative viewpoint.
By Anne Kates Smith, Senior Associate Editor
From Kiplinger's Personal Finance magazine, January 2007
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When it comes to real estate, one person's backyard "private oasis" is another's "unsightly swamp." Home shoppers are hearing both sides of the story more often as consumer reviews, a staple of online shopping, reach real estate Web sites. ZipRealty, a discount brokerage operating in 20 major markets nationwide, introduced "client ratings" last summer. Another site, Reply.com, carries reviews on any home, for sale or not. At this early stage, finding a review on a specific house is hit-or-miss, but sponsors of both sites say interest is keen.
If you peruse either site, you might find that a neighbor thinks a split-level on the market in Timonium, Md., for $389,000 has "the best backyard in Pine Valley." Or that a house valued at $825,000 in Mesa, Ariz., "has been collecting cobwebs for nearly a year."
These populist comments can be an eye-opening alternative to the hyperbole of real estate agents' handouts. But buyers should realize that the "reviews" can be planted by anyone. So put more credence in facts ("Home is located under power lines") than diatribes ("a neighborhood of wannabes!"). In short, you should read these ratings with a more critical eye than you would opinions about a TV or a toaster.