Zillow Question..

[TagTeam]

In your local markets, How closely does zillow match your current market?

How accurate do you find the information on on individual homes?

Kevin

[Lenderles]

As a Realtor, My research(comps,tax record and sometimes appraisals) show Zillow is usually off and always overstate the value. But, these are just evaluations that I have made only in some parts of Georgia and Arizona were I'm fimiliar with the property values.

Many Investors that I talk to love Zillow, Because they think they have a good tool to evaluate property and area.

What about your area?

[brokersuccess]

I can speak for 3 areas in particular:

North Carolina, Colorado and Florida....

I have the pricing to be as much as 20-25% off - either direction. The really humorous part was that I was showing a group of agents in the office the "bad info" given one day..... the next day it was off in the opposite direction!!!!

Simply amazing! Of course, as agents that places us in the situation where we have to educate buyers and sellers on the realities of our local markets.

[fastfunding]

I use it for Los Angeles and greater LA area of California. It has been acurate for me. Off by about 10%.

[brokersuccess]

Yes - I think they are getting a little better. But it will never be that accurate due to their source of information. That's OK though - we won't tell them ;)

[Cash Home Buyers _ com]

Zillow is great at evaluating easy houses to appraise such as homes in a track home neighborhood etc. But anything out of the norm, it is worthless, so therefore the tool is worthless, because you should only need tools for the challenging ones, I can do the easy stuff.

Scott

[abrahamchaffin]

I find that the city / county / state comparisons are helpful though. To give you a feeling of what is around the area you deal with. Though the individual housing prices seem to be off.

[TJ2007]

For Florida I have always found it WAY off (often 30% or so). I agree the records they use are not up-to-date enough. I just feel bad for all the regular folk who think they can rely on it...

[andykatsev]

San Luis Obispo area, Zillow seems is hit and miss, some home were right on and others were way over valued. I think it only is good for a bing range on pricing in a certain area.

Andy

[gjtrafl]

Zillow will never be able to accomplish the idea that they are shooting for. The information is simply approximations that have no real use.

Personally I don't know how any agent can generate a price on any home until they have seen it from the inside out. I always do a 2 step visit where I come to the home first and take a tour. Then I go back to the office and research the market and come back to the home to discuss pricing and current market information.

[REbuyersgroup]

One word: USELESS

[Alpharetta]

One Wod:USEFUL

Here's why...

They are horrible and that is being polite. It allows you the opportunity to shine. You can illustrate what zillow cannot. You can make yourself and all of us as REALTORS and real estate agents look good. Zillow is a worthless tool created by people who think real estate commissions are too high. Well, based on there own sorry example, they help to reinforce the value that one get from a competent real estate agent. Trulia sucks too.:D see this blog I wrote about it.

http://www.realestatewebmasters.com/blogs/ryan-ward/1118/show/

[tarheit]

Great point. Didn't think of it that way.

But as far as a tool in obtaining a value (or even a starting point), it's worthless. I've seen it off 50% or more.

-Tim