What about Zillow.com? Should it be used to determine the value of any property? "I can do it myself" can cost you much more than you may have thought. Here's a fresh comparison of Properties' Listed Prices, Sold Prices and Zillow's "Zestimate" for three different communities (Prices are rounded). You can see that Zillow is simply not even close. Whether you are trying to determine value to purchase a property or determine the value of you home in order to sell, using Zillow as the valuation tool will leave you without precision, and without more dollars in you pocket. Zillow is an interesting novelty item though! Play with it but dont "use" it, unless playing with matches, gasoline and cash is OK with you. Penderbrook Community (Detached) - Fairfax, VA 22033 (BELOW) | | | | | Zillow | Zillow | 2007 | | | | | | List | Sold | Settle | Address | | LIST | SOLD | ZILLOW | Difference | Difference | Month | 3723 Center Way | | $650,000 | $626,000 | $669,000 | $19,000.00 | ($43,000.00) | Jan | 11919 Parkside Dr. | | $680,000 | $680,000 | $707,000 | $27,000.00 | ($27,000.00) | Feb | 3748 Center Way | | $759,000 | $759,000 | $737,000 | ($22,000.00) | $22,000.00 | Feb | 11901 Parkside Dr. | | $695,000 | $689,000 | $641,000 | ($54,000.00) | $48,000.00 | Apr | 3758 Center Way | | $740,000 | $740,000 | $670,000 | ($70,000.00) | $70,000.00 | May | 3781 Center Way | | $769,000 | $760,000 | $724,000 | ($45,000.00) | $36,000.00 | May |
Mantua Community (Detached) - Fairfax, VA 22031 (BELOW) | | | | | Zillow | Zillow | 2007 | | | | | | List | Sold | Settle | Address | | LIST | SOLD | ZILLOW | Difference | Difference | Month | 9125 Saint Marks | $687,000 | $650,000 | $695,000 | $8,000.00 | ($45,000.00) | Jan | 9340 Tovito | $689,000 | $665,000 | $613,000 | ($76,000.00) | $52,000.00 | Jan | 9115 Glenbrook | $600,000 | $600,000 | $633,000 | $33,000.00 | ($33,000.00) | Feb | 3216 Wynford | $750,000 | $720,000 | $654,000 | ($96,000.00) | $66,000.00 | Feb | 8609 Hillside | $769,000 | $663,000 | $714,000 | ($55,000.00) | ($51,000.00) | Feb | 3615 Laurel Leaf | $989,000 | $925,000 | $812,000 | ($177,000.00) | $113,000.00 | Mar | 9213 Santayana | $625,000 | $625,000 | $565,000 | ($60,000.00) | $60,000.00 | Mar | 3510 Prince William | $799,000 | $760,000 | $708,000 | ($91,000.00) | $52,000.00 | Mar | 9311 Coronado | $745,000 | $730,000 | $663,000 | ($82,000.00) | $67,000.00 | Mar | 9303 Christopher | $735,000 | $715,000 | $653,000 | ($82,000.00) | $62,000.00 | Mar | 9303 Swinburne | $699,000 | $690,000 | $582,000 | ($117,000.00) | $108,000.00 | Mar | 9224 Briary | $715,000 | $690,000 | $721,000 | $6,000.00 | ($31,000.00) | Apr | 8815 Arlington Blvd | $799,000 | $787,000 | $738,000 | ($61,000.00) | $49,000.00 | Apr | 9027 Pixie | $675,000 | $675,000 | $615,000 | ($60,000.00) | $60,000.00 | May | 9127 Saint Marks | $849,000 | $815,000 | $677,000 | ($172,000.00) | $138,000.00 | May | 3225 Barbara | $675,000 | $655,000 | $631,000 | ($44,000.00) | $24,000.00 | May |
Virginia Center Community (Townhomes at Vienna Metro) - Vienna, VA 22181 (BELOW) | | | | | Zillow | Zillow | 2007 | | | | | | List | Sold | Settle | Address | | LIST | SOLD | ZILLOW | Difference | Difference | Month | 9394 Van Arsdale | $650,000 | $645,000 | $642,000 | ($8,000.00) | $3,000.00 | Apr | 9544 Lagersfield | $690,000 | $692,000 | $663,000 | ($27,000.00) | $29,000.00 | Apr | 9596 Lagersfield | $655,000 | $660,000 | $590,000 | ($65,000.00) | $70,000.00 | Apr | 2717 Earls | $665,000 | $645,000 | $626,000 | ($39,000.00) | $19,000.00 | May |
11 Comments on To "Zillow" or Not to "Zillow" - that is the question. (I'ts nobler to use a Realtor(R))
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How does anyone expect software to value properties when most agents can't? Zillow isn't so much about valuation as it is selling advertising and home values are the hook. They don't have to be accurate, they just have to have buyers and sellers believe that they are.
"Perception is reality to the uninformed."