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If you've spent any time on Zillow or Trulia you've probably wondered: how accurate is the information you find on those sites?
Not very, according to a new report featured on Techcrunch today. But there's a big grain of salt: the report was commissioned and paid for by Roost, a new competitor in this space.
Still, the comparisons and the data are interesting. And so is the discussion toward the end of the post on whether quantity trumps quality when it comes to listings.
My own personal experience is that Zillow has become an industry standard for the valuation of a home that's not currently for sale. But I don't know anyone that turns to it if they are in the market for a new home.
COMMENTS:
I think those sites can give consumers a good starting point, simply by comparing home statistics. Nothing will replace actually viewing the home, though. Specific location (down to the lot), interior features, quality of finishes, etc. You can only get that value by seeing the homes.
I think that's one area that a good real estate agent can add value. When you're looking to sell, does your agent simply bring in a paper-work home valuation, or do they offer to drive you around to view other comparable homes for sale and drive by comparable homes that have sold?
For a starting point, though, these sites are an okay tool.
If I were looking to buy a home, I would use the information to help me determine the purchase to rental ratio in the area.
That ratio should give me a good idea if the houses in the area I am looking at are overpriced or not.
I just checked the ratio on a rental house next to UPS. The ratio was 21.9.
This tells me the Zillow estimate of $290,000 is pretty accurate. And the house is actually fairly priced.
Their web traffic is Huge and not to be ignored. A merger with Zip is supposed to happen or watch for them to be gobbled up by another Big player!
Ray Pepper
www.500Realty.net
The true value in them for a home buyer is being able to easily map out comp sales nearby and compare home stats all in one page. It's much easier than entering each home address into the county assessor tax site.
The do in homogeneous neighborhoods such as The Heights in Puy, or in DuPont.
Larry Tutino
Mt Rainier Properties
mtrainierproperties@gmail.com
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