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"I took a look on Zillow, and they show an estimated price of $900,000."

Reblogger Beverly Femia
Real Estate Agent with BlueCoast Realty Corporation

How many times am I asked about inaccurate Zillow information.  Let me count the ways in which this sit frustrates me and as another agent said www.GIGO.com (Garbage In Garbage Out) would make more sense than Zillow.com. Their information ranges from mildly inaccurate to badly inaccurate.  All of it is useful only as a starting point requiring  at the very least context and clarification.  

 

Credit for this original work is given and comments should be address to Lottie Kendall of San Carolos, CA at the Active Rain link below

http://activerain.com/blogsview/2509837/-i-took-a-look-on-zillow-and-they-show-an-estimated-price-of-900-000-

Original content by Lottie Kendall CA DRE# 01215160

"I took a look on Zillow, and they show an estimated price of $900,000" 



So began the email from a client who is somewhat interested in purchasing a home in Redwood City, CA, one that is currently listed around $929,950.

The Zillow discussion then ensued. Zillow is a fun site, but buyers, sellers, neighbors -- please remember that even Zillow doesn't claim their "Zestimates" are hard and fast values. There are too many variables that square footage in the area can't address.

  • Have there been updates? Remodeling? Or is it in close to original condition?
  • What is the outlook of the property? Beautiful view or an ugly shack across the way?
  • Do multitudes of utility wires crisscross the property?
  • Does this property fall in the same school zone, as other nearby homes? If not, are the schools comparable?
  • And what about auditory matters? 

And then, I showed him the following Zestimate of a property I listed last February. Zillow thought the house worth about $956,000. The sales price?

Zillow Zestimate of 1925 Belmont, San Carlos CA

$1,207,000! That one was off about 21%

Bottom line: have fun with Zillow, but allow your REALTOR® to prepare for you and explain a comparable market analysis.

--- Just another benefit of living here!

Lottie Kendall, Realtor

Today | Sotheby's International Realty

San Carlos, California, 94070

DRE#01215160; 650-465-4547;

Lottie@LottieKendall.com;

www.LottieKendall.com

Peninsula Living: San Mateo County and Silicon Valley Real Estate

www.SFCondosForMe.com

 

 

Posted by

Beverly Femia

The Femia Team


"With Us, It's All About You!"

 

Beverly Femia

 

 Coldwell Banker Sea Coast Realty

1001 Military Cutoff Road, Suite 101 Wilmington, NC 28405

Fax to 1-866-784-3089 (Toll Free)

Beverly Femia

Broker / REALTOR®

Email:Bev@CoastalAreaLiving.com

Phone:Bev at (910) 279-9794

Search:Wilmington Area Propertywww.CoastalAreaLiving.com

 

 

 

Comments(3)

Ellen Crawford
Maximum One Executive REALTORS® - Alpharetta, GA
Alpharetta Real Estate Agents & Alpharetta REALTOR

Excellent! Should be a featured post!

Sep 18, 2011 07:44 AM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Whatever happen to truth in advertising? They say they blanket an area and that is how they arrive at the price which we know is totally wrong.

Sep 18, 2011 07:49 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Beverly -- thanks for the re-blog. I find that anecdotal examples like the one I used in the post best help me explain to clients and potential buyers and sellers the value that local professionals bring. Best wishes,

Sep 20, 2011 10:49 AM