Home valuation sites

Real Estate Agent with Windermere/ Professional Partners

So how much value do you put on home valuation sites such as Zillow.com?

There have been many times that I have looked at a property to compare to a list price and about half the time they are right and half the time it is way off.  How does this help any consumer?  I think it is fun to go look at Zillow and pull up my own house and compare it to a negihbors house or look up my families homes.  I just have a hard time putting any stock into it.

They are so many outisde influences that affect the value of the property.  What does the neighborhood look like, what are the market conditions at the time, has the house been remodeled recently, etc... I think it is still important to have a professional perform a market evaluation not only for the seller, but for the buyer as well.

I think using it as a tool combine with other information sources, could be beneficial, but not alone. 

What do you think?  Will it every replace a professionals opinion of value. 

Jim Tutton




Comments (4)

Jason Mook
Puyallup, WA

I think tools like Zillow.com are getting better with time, but I don't think they're there yet. I don't think we can ignore or simply discount them though, because the public sees the data and is putting some stock in it. I believe we have to address it, inform the public that it is only a tool, and that they need to rely on professional people (i.e. Realtors and appraisers), and not these tools at the end of the day.

Aug 26, 2008 03:55 AM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Hey Jim, Use Zillow to your advantage. Tell your seller that buyers use Zillow to see what your house should be priced at (and they do). It's happened to me several times, I do get price concessions...

Aug 26, 2008 07:02 PM
Brett Shaw
Coldwell Banker Kaiser - Carmel, IN

Brett Shaw from Cyberhomes:

These AVM's are not intended to replace the professional's opinion of value, but what is any declaration of value?  An opinion, right? A local REALTOR's CMA will be more accurate, but sites like Cyberhomes.com should be used as a starting point in determining value.  Always consult a local professional, though.

What people tend to overlook is the other useful information available.  At Cyberhomes, when looking at a property, you also get a full neighborhood analysis, including the percentage of households with children, demographics, median age of people, school information/ratings (with parental comments), average commute times, economic trends, crime rates and statistics, heat maps on a variety of topics, and so much more! 

Coming up with a value to list your home at is difficult, but there are tools out there to aide you.

Oct 06, 2008 02:57 AM
Geordie Romer
Windermere Real Estate / NCW - Leavenworth, WA
Serving Leavenworth, Lake Wenatchee, and Plain

I think Zillow gives you an opportunity to show your value. Show them that you are smarter than the algorithm. If you're not, you better figure out how to get there.

Oct 11, 2008 05:13 AM