Zillow talk
Updated 3/1/06There is a new site unleashed on the public last week - www.zillow.com. It provides property value data. The concept is most interesting and will be welcomed by consumers.
- You can choose from a satellite map, street map, or a hybrid map.
- Enter a zip code and you get a satellite map of your neighborhood. Click on a property and view estimated prices and home details (number of bedrooms, bathrooms, and square footage).
- Additional home details will show the value of your home over the last year, 5 years, and more.
- View all recently sold homes in your area. See sale price, date sold, home details, etc.
The dollar values it shows are almost always undervalued - often by as much as 33%. The data comes from various public record. MLS data would be more accurate. When Zillow provides estimated values, their algorithms don't appear to consider all of the necessary factors.
In one neighborhood, Zillow shows the estimated prices to be $1.2M to $1.35M. One of those homes is currently on the market for $2.0M. Even if you assume that it is over-priced, there is a significant disparity between the real world and Zillow.
As an offering today, it is not providing satisfactory results. Once Zillow can get better data, this site will be a formidable entity on the Internet.
At best it provides estimates but will never replace the judgement (and the resulting accuracy) of a professional REALTOR. But this tool is going to be well received by consumers.
Keep your eyes on Zillow.
posted by Shig Nishio @ 2/16/2006 11:16:00 PM
<< Home