One of the hottest new online tools out there today is Zillow (www.zillow.com) which gives you free valuations and data on a home almost instantaeously. You can determine the value of a home, calculate the cost per square foot, review the local schools, look at an unlimited number of comps in the area, and prepare a comparative market analysis in seconds.
In theory this is a great tool for realtors, mortgage professionals and even consumers. But you have to make sure you look at this new tool with a critical eye before accepting every valuation.
First of all, these valuations are based on public records, so if a homeowner has added a bathroom or family room and not notified the county assessor, the valuation will be calculated without the upgrade.
Secondly, this technology is new. Zillow is in the beta stage, which means they are still working out a few bugs. I've personally found more accurate home valuations at RealEstateABC.com although you can adjust the various criteria on Zillow more easily (to indicate an additional bathroom or other upgrade, for example.)
Finally, valuations don't take into account the overall condition of a property. One poorly maintained can be worth much less, and vice versa. While you can allow for this with both tools, the math is still a little fuzzy. But keep your eyes peeled, because as these tools improve, they are going to make everyone's job a lot easier!
1 comment:
Hi John, it's David G from Zillow.
Great observation; the gap between public records and reality is a big challenge. Here's what we're doing about it:
1) Today, you can get a refined value for your Zestimate using your accurate home facts -- just click through the link below the Zestimate on any house's detail page.
2) Soon we will allow owners to correct and publish their updated home facts on Zillow. You can sign up to be notified when this feature is available using our feedback form.
Thanks again.
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