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Zillow improves math, 97% of Washington Metro now covered

By Scott Wall

Real Estate Agent with StoneHouse Realty, Inc

January 10, 2008 03:08 PM

Online home-price tracker Zillow says it's deepened its database and upgraded its valuation math (RELEASE HERE.) The company''s "Zestimates" have drawn healthy criticism for frequent inaccuracies. However, has more homes are brought into the database, accuracy are expanding down to the county level.

Zillow indicates the Washington Metro data now has 97% of the homes with Zestimates, 41% are within 5% of the selling price, 65% are within 10% of the selling price, and 84% are within 20% of the selling price.

Prince William data has 87% of the homes with Zestimates, 43% are within 5% of the selling price, 68% are within 10% of the selling price, and 90% are within 20% of the selling price.

By the way, Zillow puts typical Prince William home values down 9.0% in a year.

Why not try Zillow out and report back what you find about the homes you know best and the Web site's "new math" ...

You can also find this post and others at http://www.ask2agents.com/

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Eric Bouler

Gardner Realtors, Licensed in La. - New Orleans, LA

Listening to your Needs

I am miles away from your market but have never heard a client mention Zillow. We are not the most sophisticated but would have thought someone whould have broought it up. Few agents ever mention it in this market. Shows you how things are different.

Jan 10, 2008 03:12 PM

Shelby Morris

Realty Exchange - Columbia, TN

Hi, Scott. Zillow has been my worst nightmare in the past. Clients tell me what Zillow says their home is worth and like that number much better than what my comps are telling me their home is worth. I can thank that website for one thing, however. I finally got so frustrated, I added IDX to my website so that my clients had a place to search where they could actually learn about the local market.

Jan 10, 2008 03:21 PM

DELETE! Account

Issaquah, WA

Zillow may put the publicity out there that they are they do this and they do that. I have many clients who will tell me what Zillow says their house is worth followed by, "but I know I can't rely on it." The few out there that have taken Zillow seriously immediately understand when I tell them the reasons that Zillow is not accurate. They say that 43% of homes sold are within 5% of the selling price. Well that 5% can pay both sides of the commission. 5% is a big deal. Also, I know that there are many homes that are for sale that aren't even posted on Zillow and I have found multiple homes that have the wrong sales price. For you Zillowers out there, stick with the professional who knows your area and has facts. Zillow is fun to play on, but that's all it is to me, a toy.

Jan 10, 2008 04:00 PM

Charlottesville Solutions

Charlottesville Solutions - Charlottesville, VA

I am curious if others see this as a threat to their Real Estate business? Are we "headed" for limited agency as a way of doing business if the public has access to this database?

Your friend in Charlottesville

Jan 10, 2008 10:25 PM

Scott Wall

StoneHouse Realty, Inc - Bristow, VA

Eric - Other agents might not want to talk about for reasons that Shelby and Dacia mention.

Shelby and Dacia - I'm not a big fan of zillow.com but it is a tool that is out there. I'd rather folks come to me for a pricing. However, as Zillow gets more coverage and as the public gets more self educating, I think that it's better to understand Zillow than to fight it.

Charles - It's just business. Why pay commission when limit agency lets you in for flat fee? Why go to a realtor for a CMA when Zillow can do it for you? The next step will be the advertising and legal/settlement issues. Realtors will need to adapt to the ever changing environment.

Jan 11, 2008 07:58 AM

Zillow improves math, 97% of Washington Metro now covered

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Scott Wall

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