Zillow has become a bigger and bigger part of the real estate world. Here’s what you should know about them.
Zillow and their Zestimates have become a popular topic of conversation among our clients, so today I wanted to take some time and share some of my thoughts on the site.
Just how accurate is Zillow’s listing inventory? It’s a question we hear quite a lot. I’ve found that about 25% to 29% of the listings in the local MLS are missing from Zillow. A decent number of properties available for sale right now are simply not on Zillow.
Zillow is a great site for learning more about specific properties and has a great user interface, but it can’t replace a professional agent. Buying or selling a home is a huge transaction and something you should have help from a real person. Dealing with Zillow means dealing with an algorithm and a robot, essentially.
I’ve seen plenty of homebuyers fall in love with homes on Zillow only to find out later that the home is already sold. The reason for this is that Zillow obtains their information from multiple sources, which causes a delay in how quickly they’re able to get the bulk of their information.
Another drawback of Zillow is that it doesn’t have the most accurate information. They will correct information if it’s grossly wrong, but oftentimes the sales data is estimated and not concrete.
These are just a few things you should know about Zillow. Stay tuned for part two coming in the next few weeks, where we’ll dive deeper into Zestimates and pre-foreclosures.
If you have any questions in the meantime or are looking to buy or sell a home, don’t hesitate to give us a call or send us an email today. We would love to hear from you.