Tuesday, May 15, 2007

Zillow don't know Zilch about New York City (or Arizona)

With the proliferation of property value websites across the internet, customers have become more aware, informed and confused about the actual value of their homes. Long the dominion of the local real estate agent, local property value now is automated and visible to all, from an easy google map interface. However, automated value estimates from firms like Zillow.com can vary significantly from true market values. Doing a local search in Manhattan, I get results like this or this. These examples show evidence that both the Recent Sale Price as well as the Zestimate value can be inaccurate.

The most visible recent reaction in the real estate community to inaccuracies in automated valuations has been in Arizona. In January, Arizon January, the Arizona Board reported in its minutes that "in addition to the two cease and desist letters issued by the Board to Zillow.com, the Criminal Division of the Assistant Attorney General's office issued Zillow.com a letter advising of possible criminal violations."

2 comments:

Louis Cammarosano said...

Hi Paul
Please try HomeGain's Instant Home valuation tool-the original free homevaluation tool created in 1999!

We recently brought it back after a 7 year hiatus-it's available at http://www.homegain.com

For a debate on the differences between HomeGain and Zillow see
http://www.futureofrealestatemarketing.com/why-homegain-beats-zillow

Paul said...

Louis, I can't get past the fact that you have LendingTree and LoanLinks driving your Loan Center and mortgage offers ;-)