The other day I overheard two Realtors chatting about what is wrong with Zillow.
“How can you tell how much a home is worth by an aerial photograph?”
“Even if they DID know whether there had been any updating, a proper property analysis can’t be done by the click of a mouse!”
And you know what – I agree.
But that is not what Zillow.com is all about.
In fact, in the Zillow FAQ section, they tell you as much. They describe how a zestimate is an online figure, then advise you go contact a Realtor for a more in-depth analysis.
Let’s take a look at what Zillow really is.
Zillow is an online newspaper full of real estate information and a forum for professionals, Buyers, and Sellers to ask questions and exchange ideas. I have no knowledge of the inner workings of Zillow, but I’m going to guess they make their money on advertising.
Just like a newspaper.
They show homes for sale and provide a modicum of information, provide information about financing, offer a forum for getting real estate advice from professionals, offer a directory listing areas of expertise, and provide local area information.
Speaking of advice, read this Zillow.com “reminder” by Russ Hatfield on “scams and frauds”!
And, in my opinion, they do a pretty good job of it – but it has to be used with a little common sense.
No, you cannot price your home based solely on Zillow’s zestimate.
No, you cannot purchase a home for a certain amount with impunity simply because Zillow says it is worth that much.
In fact, Zillow does not say a home is worth any certain amount – they simply say that, based on the data taken from public records and a photo from 10,000 feet up in the air, there are comparable sales of similar homes in the surrounding area at a certain sales price.
As always, there is no substitute for diligence and hard work. Pricing, marketing, negotiating, and determining property condition is not a job for a “click of a mouse” – no matter how seductive that idea may be.
Here’s my advice: use Zillow for its intended purpose. Check out a city, scroll through the local info section. If you need a Realtor in a certain area, chat with a couple of the folks listed under the Realtor section until you find one that resonates with you and your goals. If you need financing, there are mortgage professionals listed there, too. If you want an idea of current rates, they are right there. They even have tools such as a mortgage calculator to give you an idea of payment amounts.
But when it comes down to feeling comfortable with a loan officer or discussing which loan program works best for you – or deciding which Realtor is the best match for you – or determining how much you should sell your home for or pay for your next one- no computer in the world can provide that information better than you.
That is something only you can decide. Even Zillow will tell you that.
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