| When Zillow first hit the web last year, I was | | | | than 50%." There was an overall median |
| intrigued. Wells Fargo Bank had previously offered | | | | difference between the actual sales price and the |
| a similar tool on their website but it was no longer | | | | Zillow estimate of 7.8% which is very close to the |
| available. When I checked out Zillow, I wasn't | | | | margin of error Zillow estimates at 7.2%. Read |
| surprised to find that similar to the bank tool, the | | | | the entire article at |
| numbers were only accurate in areas where | | | | For certain homes in certain areas, Zillow is a |
| homes were similar in age, design and lot size. If | | | | great tool. I recently visited the site and was |
| you live in an eclectic neighborhood with radically | | | | surprised at how their service had expanded |
| differing styles of homes, near a lake or in the | | | | during the past year. Not only could someone find |
| country, the value could be off by thousands. So | | | | an estimate of value for a home but there is a |
| when I checked it out, I took the information with | | | | listing search as well. Buyers can search homes |
| a grain of salt. After all, the value of my own | | | | that are currently listed, both FSBO and with |
| home since it is located in the country was based | | | | Realtors. There are color photos, aerial views, |
| on its sale price from 10 years ago and its | | | | street maps as well as values. As an agent, I will |
| current tax value. | | | | only be listing homes on Zillow that fit the criteria |
| Evidently the Wall Street Journal Real Estate | | | | where an accurate "Zestimate" will come up. But |
| Journal had some of the same observations as I | | | | it is a tool I will use. My clients were impressed as |
| had with Zillow. Recently they looked at 1000 | | | | it was another avenue to bring in buyers. |
| recent home sales transactions in seven different | | | | Zillow will not replace the knowledge and expertise |
| states and compared them to their "Zillow | | | | of an experienced real estate agent. But for quick |
| Zestimates". According to the article, "Zillow came | | | | values for homes with similar styles built in many |
| within 5% of the price in a third of the | | | | city developments, it is surprisingly accurate. With |
| transactions studied by The Journal. It was more | | | | all of the added features and information, Zillow |
| than 25% off target on 11% of them. In 34 of | | | | can be a useful tool in the right hands. |
| the 1,000 transactions, Zillow was off by more | | | | |