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Mitchell Hall, Real Estate Pro in New York, NY

Does Zillow have values for homes in your area. Are people aware of Zillow values?

Asked by Mitchell Hall, New York, NY Wed May 16, 2007

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Most homes in our market have an estimate on Zillow. Sometimes I am surprised, people I think should know what Zillow is sometimes do not have a clue. Then an elderly client is very aware of the Zillow value of his home.
We had the Zillow API on our company website for awhile. Zillow and Real Living were "strategic partners" until last December.
4 votes Thank Flag Link Thu May 17, 2007
I think buyers and sellers are learning about zillow and will see it as another tool. It is good at seeing trends in a neighborhood but the zestimates are mathmatical calculations that don't consider, a busy street or a fixer vs. a palace. It will be interesting to see where the web site goes...
Web Reference: Http://
1 vote Thank Flag Link Sat Dec 1, 2007
Zillow's estimate is done by computer caluclation, not a physical examination of the home. It also relies on public recorded data which can be inaccurate, incomplete or stale (some counties take months to record home sale data). As such the zestimate is flawed and unreliable for serious buyers and sellers. The website has said on numerous occasions, the zestimate is only meant as a "first step". Remember, any home that has not been physically examined cannot be accurately valued. Items known as "unzillowables" affect any home or property's value. Finally, since the zillow public data lags the market, it is especially unrealiable in a changing market.
1 vote Thank Flag Link Fri May 18, 2007
A Comparative Market Analysis (CMA) takes in many factors which Zillow does not. Zillow uses public records to cross reference features like number of bedrooms, square footage, garage?, etc. These public records may not be up to date. Any home and neighborhood that has not been physically examined cannot be accurately valued. This is the only way to determine how busy street traffic is, where are the schools located, etc. Zillow is not totally useless, however. But Zillow data must be cross checked against other data sourses to gain a complete picture of a neighborhool.
0 votes Thank Flag Link Thu May 28, 2009
The answer is Yes, and I believe the accuracy of these valuations will continue to improve as time goes on and Zillow's database expands.

I would say 10% to 15% of my listing clients are aware of Zillow prior to my explaining what Zillow is and why we use it to market our listings.

Vito Boscaino
Help-U-Sell North High Realty
Managing Partner / Realtor / MBA
0 votes Thank Flag Link Sat Dec 1, 2007
Zillow data in our place never really happened.
I had a FSBO contact me today and I thought I would check out Zillow on him and he had claimed his property. The Zestimate is $190,000, he is asking $240,000. He is closer to being right then the Zilly price.
Web Reference:
0 votes Thank Flag Link Wed May 16, 2007
I would bet that only a small number of buyers and sellers are aware of the zestimate on their home (this number is growing dramatically however). In addition, Zillow has a received a lot of press lately in regards to the inaccuracy of their valuations. I would say that the zestimate is another great tool for a buyer of seller to use, just be careful that its not the only tool you use to value a home.
Web Reference:
0 votes Thank Flag Link Wed May 16, 2007
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