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Zillow February 21, 2008

Posted by pf in Home Purchase.
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As I continue to keep tabs on our local real-estate market (Buying a More Expensive House: Update), I have found myself spending some time on sites that provide information on things like:

  • foreclosures – going up / down? where?
  • homes for sale – listings steady or declining? Seeing any changes month to month?
  • home value estimates – steady? declining? by how much?

In particular, I have spent some time on Zillow.com where one can go and look at their house or other houses in whatever area you may be interested in to obtain a Zestimate of the value based upon some methodology / algorithm they have come up with. They also provide you with some data as to the zestimate accuracy for various markets (in my case, not too shabby at all).

In general, I don’t consider these zestimates to be the “gospel” as far as home values as they often have little detail about the houses and / or are missing specific information. HOWEVER, I find them to be directionally accurate and a good data point when combined with other sources to come up with a fair estimate of a home’s value.

Real Estate Market: $100K off of a New Home

More enjoyable, however, are the forums where people discuss the zestimates and how grossly out of whack they are with reality. Granted, sometimes the users have legitimate cases to be made about the zestimates. In response, Zillow allows homeowners to provide more details about their home online as well as create estimates of their own. However, often times, I find that the homeowner has just not yet come to grips with the reality of their local real-estate market (pssst…things ain’t so great folks, and prices are falling almost everywhere). In addition, zillow, along with similar sites often have news updates and other information that can be helpful.

If you are in the market for a house, using sites like this one can act as a useful reference tool – when combined with information from other sources. Here are some others:

Homegain

Domania

Realestateabc

Trulia

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Comments»

1. David G from Zillow.com - February 21, 2008

Hi pf, it’s David G from Zillow,

Great post – glad you enjoy the site and that you find it useful. You have a really good understanding of Zestimate accuracy and I must say I enjoy your review of the discussions on the site. Unrealistic expectations are the number one problem sellers have right now and the current market can bring out the worst in people. It makes for some interesting chats with home owners.

Best of luck with your home search; I hope to bump into you on Zillow.

2. John - February 21, 2008

Like the post about Zillow, and using online sites to get general information about homes. I’ve never heard of domania (I’m definitly going to check it out now), but you left off a couple of sites that I use and think are worth being on that list…Cyberhomes, and HouseFront. I usually use sites like zillow and then compare data across other sites like HouseFront and cyberhomes to get a good estimated picture about a homes value and what not.

3. Zillow 21 | ValorCg - March 7, 2011

[…] Zillow « My Personal Finance OdysseyIn particular, I have spent some time on Zillow.com where one can go and look at their house or other houses in whatever area you may be interested in to obtain a Zestimate of the value based upon some methodology / algorithm they have come up with. … 1. David G from Zillow.com – February 21, 2008 … Zillow February 21, 2008… […]


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