2/10/2006

Zillow.com is a Zing

The new Zillow.com site seems interesting, but in the end doesn't seem any more unusual than any other site based on local property tax records data, which is sometimes inaccurate in itself. This site happens to combine with aerial photo technology so that you can see the exact location, and it gives you an estimate of value. But that doesn't necessarily sync with the current market value, so the viewer should be careful about making final conclusions without further investigation. An average or a median price for a zip code area does not give spccific value for a specific property, any more than the selling price for the last market sale is the same as today's market value.

2 comments:

Gregory Kohs said...

As people realize how inaccurate Zillow really is, we just might be hearing "Zillow zucks" a little more often.

They need to somehow link the comparables data to the map data more accurately. A profile of a townhouse neighborhood in zip code 19382 shows homes at $250K on the map, but at $330K in the comps. That's just too zany to be zeriously conzidered.

Gregory Kohs
"Inside Market Research"
http://insidemr.blogspot.com

Julia said...

I agree, Greg, and had the same experience with a property that recently appraised at $645,000 showing on "Zillow.com" as a value in the $580,000's.

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