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| 30 Yr Fix |
6.52% |
0.00% |
| 15 Yr Fix |
6.10% |
0.03% |
| 1 Yr ARM |
5.22% |
-0.05% |
| 5/1 ARM |
6.05% |
-0.02% |
| 30 Yr Tres |
4.70% |
0.04% |
| Fed Prime |
5.00% |
-0.25% |
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Clarifications About The Zillow Website
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Shortly after our recent article on Zillow's
upgrades was published, we received a communication
from "Amy at Zillow" with a couple of corrections.
We were not particularly complimentary about Zillow and its new upgrades, but
two statements we made were incorrect. The first, that Zillow, when initially
reviewed in February, provided a grade for their confidence
in their own estimates (Zestimates) of value, but no longer did so is not true.
Zillow gives a county-by-county confidence level both visually - from one to
four stars - as well as a median error rate and an estimate of the percentage
of Zestimates falling within 10 percent of the selling price. However, as we
complained about much of the site, these ratings are not easy to find. Amy stated
that they linked off the home page and they did, but through links through two
additional levels and the second link is buried nine paragraphs into an explanation
of the what, why, and how of Zestimates.
We also stated that one feature we had enjoyed on our initial visits in February
allowed a visitor to add or subtract features or improvements,
much as an appraiser does, to see the effects on the estimate of value. That
feature, we said, now appeared to be limited to homeowners who had proved ownership
of a property. This was also incorrect - the feature is called the "Estimator"
but if one follows the instructions one is led into a loop which does appear
to limit the usage to proven homeowners. The correct instruction is to click
on "Create an Estimate" rather than "Owners' Tools" as specified on the site.
Once found, it is still fun to play around with.
We appreciate Amy's correspondence and apologize for our blunder but
would again suggest that Zillow concentrate on improving its navigation tools
and the clarity of its text before adding more functions to what is already
a confusing situation.
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Comments (5)
| In over twenty years of being in the "field" selling real Estate,
and working as an appraiser, I find Zillow estimites very mis- leading. This causes people to believe their homes are worth more than they really are. Sometimes leading them into Foreclosure. Or in case of the down market that we are now in, chasing the market down. Losing any money they could have realiezed by correct pricing. |
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| Above Posted By:
Michael A. Jones, GRI, NRBA
| Tue, 27 Feb 2007 00:45:05 EST |
| Opportunistic investments are usually risky (that's how I earn my money), and any source that can beneficially contribute to my daily business is a welcome tool. I use a few specialized sites, such as HomeInfoMax.com in addition to Zillow.com, and I find myself empowered and ready to make financial decisions with more confidence |
|
| Above Posted By:
anonymous
| Thu, 4 Jan 2007 20:13:10 EST |
| Zillow accuracy chart doesnt' reflect reality. When they stated that it sold within 10% at what point in time are they referring to? Their numbers go up and date like a basketball scores. And 10% in my area amounts to tens of thousands of dollars. Visting the real estate ads online give estimates of value. |
|
| Above Posted By:
congressional aid to member of housing committee
| Sun, 24 Dec 2006 19:37:20 EST |
| I'm a seasoned real estate investor on single family homes. My comments are pro Zillow.
Yes, the Zillow websites needs, like any new technology, time to evolve.
I use Zillow because it gives me a starting point. It stops me from first calling a RE Agent to comment on area prices.
Zillow, as it evolves, will be a power house of information for real estate investors.
Zillow helps the small guy real estate investor. |
|
| Above Posted By:
Zillow what did you say?
| Sat, 23 Dec 2006 07:49:32 EST |
| What zillow can't see is whether a home is located on a busy street, noisy area, how l lush/plush or lacking landscaping and curb appeal are, and what the interior looks like (updated? newly painted? original or new appliances?), or if the roof is new. Zillow may not take into account the kind of community the property is in, and how that affects the value. You can get more accurate comps from a realtor or use an appaiser to find the value of your house. |
|
| Above Posted By:
anonymous
| Sat, 23 Dec 2006 05:31:30 EST |
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