-For those of you that are NOT familiar...Zillow is an online real estate database which can be used by sellers as a marketing tool for their property and buyers can access the information to track properties.
What are the PROS about using Zillow?
-From a seller perspective, Zillow allows you to see current real estate activity in your neighborhood.
-Zillow allow sellers an opportunity to estimate the value range of their home before listing a home for sale.
-Zillow provides an effective marketing tool for listing a home for sale.
-From a buyer perspective, Zillow provides access to over 92 million homes in their database.
-Zillow provides aerial views, square footage, number of bedrooms and baths, comparable sales and listings (ie. public information).
What are the CONS about using Zillow?
-Zillow's valuation tool known as "Zestimate" is based on undisclosed factors and does NOT take into account location, upgrades, finishes, levels, and add-ons associated with an appraiser's market valuation of a property known as "unzillowables".
-Zillow is NOT as updated regarding the status of available properties on the market (ie. Active/Under Contract/Sold.
"In 2007, The Wall Street Journal studied the accuracy of Zillow's estimates and found that they are "often are very good, frequently within a few percentage points of the actual price paid. But when Zillow is bad, it can be terrible." (Wikipedia)
What does this mean for YOU?
-As a seller and/or buyer in today's real estate market, there are many sources of real estate information to choose from...it is important to be knowledgeable about the real estate process and compare the information to knowledge of an experienced realtor who is familiar with the local market you are interested in pursuing.
Hi, Rachel from Zillow here.
ReplyDeleteWe talk about zestimates as a starting point only. For an accurate market value estimate, a real estate professional will come and look at the property, take into account upgrades, additions, recent nearby sales, and market conditions.
I would like to point out that we DO disclose where our data comes from. Mostly, it comes from city and county records. You can find more about zestimates by going to our web site. At the bottom of the page, click on "Zestimate Value and Accuracy" in gray. Then click on the hyper linked Zestimate text at the top.