I’ve talked in the past about my interest in Zillow, and the NRVLiving Team uses it to post listings on. In the past, I think I was swayed a bit by Zillow‘s uniqueness, but have since come to respect it from a healthy distance. There’s such a spread between market value and tax value that I just don’t think they can get it right, using whatever algorithm they want to … you just can’t overlook the value a real live human being can add to the equation. So when I saw this post on Inman News I couldn’t help but laugh …
First off, kudos to whatever homeowner sold this home! I’m familiar with the Naples market – it’s S … L … O … W. My folks just sold a home very close to Naples that sold in a "fast" six months, for $100000 less than what they had hoped for. The nature of the beast down there, so I’m sure this homeowner was happy to get the home off the market. But Zillow‘s valuation was $21 million? And Cyberhome‘s was $4.6 million? Obviously a buyer with $40 million to spend isn’t likely to get fleeced, how can they be off by that much?
Tell me – if you use Zillow, what do you use it for? Do you approach it with caution, or do you find it to be more and less exactly what you need? In our area, most of the New River Valley hasn’t been submitted for Zestimate so it’s not likely to help with market value, but what else do you use the site for?
I agree with Marty that there should be a standard. Eventually there will be a site that passes by (excite! to yahoo to google) but there should be a leader. I’ve been relatively pleased with zillow for older homes, for anything built in the last couple years though it has problems and often won’t have any information.
I agree with Marty that there should be a standard. Eventually there will be a site that passes by (excite! to yahoo to google) but there should be a leader. I’ve been relatively pleased with zillow for older homes, for anything built in the last couple years though it has problems and often won’t have any information.
I think, and I hesitate to use the term, “Web 2.0” sites like Zillow, RedFin, PropSmart could be useful if there weren’t so many of them. Most agents, myself included, don’t have the time to post to all of them so none of them could be completely representative of the entire market. And, until MLSs start contributing their listings to them their usefulness to the average consumer is limited at best in my opinion.
That’s not to say though I don’t see value in what they have to offer. There’s definite value for the consumer and real estate professional alike but until there’s a definite market leader (think HD-DVD vs. Blu-Ray) none of them will be a place to focus all attention.
I think, and I hesitate to use the term, “Web 2.0” sites like Zillow, RedFin, PropSmart could be useful if there weren’t so many of them. Most agents, myself included, don’t have the time to post to all of them so none of them could be completely representative of the entire market. And, until MLSs start contributing their listings to them their usefulness to the average consumer is limited at best in my opinion.
That’s not to say though I don’t see value in what they have to offer. There’s definite value for the consumer and real estate professional alike but until there’s a definite market leader (think HD-DVD vs. Blu-Ray) none of them will be a place to focus all attention.