We want the record to be clear. We support consumer choice. But we also support choices made based on a full understanding of a product or service. Such is the case with every AVM, including Zillow. We have never told consumers not to use Zillow. The bottom line for us has always been: Is Zillow the better way to value your home? We believe not. We believe you will get a better estimate of value by having a real estate professional examine your home & the surrounding environment together with fresh, accurate & complete data. We did not believe from examining the site that the data was fresh, accurate or complete. The newest innovation by Zillow seems to confirm the reality that their data may be stale, inaccurate & incomplete. We also believe homes have unzillowables attached which AVMs do not account for to value your home. The choice is yours.
I support right to chose too.
All zillow has just done is admit that they cannot do what they set out to do.
That seems to be the consensus.
No need to fix what’s not broken.
My comment to Greg’s ” Ask the Broker: Where can you go to get the most accurate estimates for real estate?” http://www.bloodhoundrealty.com/BloodhoundBlog/?p=343#comments
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Simon September 18th, 2006 6:24 pm
Another free estimator from Lending Tree. http://www.domania.com/valuecheck/index.jsp?esourceid=489460
However, these computer models are based on recorded home sales but typically sales records are not available to the public until 6 weeks after. These days, listing prices are dropping like hot potatoes; a house at my street corner reduced its asking price by $300K this weekend! At time of extreme price fluctuation, none of these models works. You should compare the ASKING price of the homes in the neighborhood, go to the open house, write down what you like and don’t like about each, then go from there. If you give youself time to get to know the neighborhood before you bid, your comp is going to be as good as the agents’ or the appraisers’.
So if we all agree that choice is a good thing, can we FINALLY move on? …or are you taking zillow bashing on as a profession instead of launching your own site?
zillow fan - sorry you see it as bashing, but sure, we’ll move on
Simon
Excellent real life example about how local market conditions can effect prices in a very short time. And good advice. Thanks.
I support the right to choose as long as they choose me.
In some situations I could easily be replaced by a computer of robot but when it comes to the kind of fuzzy logic needed to price a home I beat the computer every time. The computer doesn’t get kitchens, bathrooms, and old world charm.
As always, Tesesa, your comments are priceless.