Dream Home? How About a Dream Price!

Real-estate listings company, Zillow, introduced a feature called, “Make Me Move,” which allows homeowners to have a heavier hand in the market. With Make Me Move, homeowners name the “dream price” of their home; a price that would make them consider moving. Using this tool, a homeowner adds their address into the Zillow database. Although the website shows that the home isn’t for sale, the homeowner can add any features (bedrooms, remodels, etc.) of the house, in addition to their dream price.

Make Me Move lets a homeowner say, “Hey, this house isn’t for sale at the moment, but here is a price that I would consider if offered.” It’s a novel idea presented by Zillow with great potential, but the success rate has been relatively low. Only about 2% of the homes listed on Make Me Move last year actually sold (527 total). This is due, in part, to the fact that some homeowners often pull their homes off of Make Me Move and officially list them. However, the homes that do sell using this new-age tool, sell for just about 7% less than the “dream price.” Despite the low success rate, Make Me Move offers the potential for homeowners to bypass the thousands of dollars spent towards a broker’s fee. It might be difficult, but if a homeowner can successfully use Make Me Move, it would eliminate the middle man. We could then put that money towards what we all truly want at the end of the day — a dream yacht.

For more information see “Homeowners, Name Your Price” by Sanette Tanaka in the March 29, 2013 publication of the Wall Street Journal.