Comments on: Zats really cool… http://raincityguide.com/2006/02/07/zats-really-cool/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Zillow Launches | Mortgage Industry Blog http://raincityguide.com/2006/02/07/zats-really-cool/#comment-202305 Zillow Launches | Mortgage Industry Blog Tue, 30 Oct 2007 06:48:32 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-202305 [...] edit - The LA Times has some details. So does Rain City. [...] [...] edit – The LA Times has some details. So does Rain City. [...]

]]> By: Seattle’s Rain City Real Estate Guide » Zillow 2.0 is out - Westlake Village start your photocopiers http://raincityguide.com/2006/02/07/zats-really-cool/#comment-18335 Seattle’s Rain City Real Estate Guide » Zillow 2.0 is out - Westlake Village start your photocopiers Wed, 20 Sep 2006 07:57:19 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-18335 [...] Zillow 2.0 is out - Westlake Village start your photocopiers September 19, 2006 The folks at Zillow have just released an update to their web site (which first launched in February earlier this year). You can find out more details from the Zillow Blog. [...] [...] Zillow 2.0 is out – Westlake Village start your photocopiers September 19, 2006 The folks at Zillow have just released an update to their web site (which first launched in February earlier this year). You can find out more details from the Zillow Blog. [...]

]]> By: dawn http://raincityguide.com/2006/02/07/zats-really-cool/#comment-8677 dawn Wed, 14 Jun 2006 14:52:19 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-8677 Our house in CO is about 10K lower than what realtors have estimated it to be at and from what we're selling it for! Also, square footage was off. But it's a good idea to get a ballpark! Our house in CO is about 10K lower than what realtors have estimated it to be at and from what we’re selling it for! Also, square footage was off. But it’s a good idea to get a ballpark!

]]> By: Gary Hodges http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1914 Gary Hodges Thu, 09 Feb 2006 14:18:02 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1914 Hi MJB, my wife(a Real Estate Agent) shared with me the Zillow.com link. This is how I found this blog here. Anyway, she wanted my opinion, since I am a technology professional. So, I gave my rather lengthy opinion on my post here, yesterday. In response to your post I believe you are completely accurate in your assessment of the likes of zillow. I discussed this whole thing with my wife last night as she seemed concerned how these "low-cost services" might affect her profession and those in it. I told her the likes of what you said here today. Its nice to know I am not alone in my perspective. Zillow has a toy, takes advantage of Google Maps(Earth) which is a great tool for mapping, marketing, etc.. homes for sale. But, if any venture is a go it alone one that integrates these technologies they have a long road to travel before they even become somewhat effective. If you embrace the existing methods, MLS, IDX feeds and the like...integrate those databases, etc... then you have a great service offering. Perhaps in time the industry will evolve into a more efficient model but re-inventing the wheel has never worked. All-in one products might be "neat" but they don't do any one thing really well. Give me a product/service that specializes and you have a great product/service. Finally, zillow's stated margin or error (even though its Beta) is FAR from its actual results. Which is exactly why it "borders on irresponsible". In trying to stay objective and still share the truth (bottom-line): An argument could be made about SOME agents inaccuracy of pricing a home. Can this be measured and statistically tracked? This remains to be seen and proven one way or the other. But, it can be said, no matter what the profession, there is almost no monetary value you can place on Great Customer Service. And you can't get that from a faceless, nameless interface on the Internet. Hi MJB, my wife(a Real Estate Agent) shared with me the Zillow.com link. This is how I found this blog here. Anyway, she wanted my opinion, since I am a technology professional. So, I gave my rather lengthy opinion on my post here, yesterday. In response to your post I believe you are completely accurate in your assessment of the likes of zillow. I discussed this whole thing with my wife last night as she seemed concerned how these “low-cost services” might affect her profession and those in it. I told her the likes of what you said here today. Its nice to know I am not alone in my perspective. Zillow has a toy, takes advantage of Google Maps(Earth) which is a great tool for mapping, marketing, etc.. homes for sale. But, if any venture is a go it alone one that integrates these technologies they have a long road to travel before they even become somewhat effective. If you embrace the existing methods, MLS, IDX feeds and the like…integrate those databases, etc… then you have a great service offering. Perhaps in time the industry will evolve into a more efficient model but re-inventing the wheel has never worked. All-in one products might be “neat” but they don’t do any one thing really well. Give me a product/service that specializes and you have a great product/service.

Finally, zillow’s stated margin or error (even though its Beta) is FAR from its actual results. Which is exactly why it “borders on irresponsible”. In trying to stay objective and still share the truth (bottom-line): An argument could be made about SOME agents inaccuracy of pricing a home. Can this be measured and statistically tracked? This remains to be seen and proven one way or the other. But, it can be said, no matter what the profession, there is almost no monetary value you can place on Great Customer Service. And you can’t get that from a faceless, nameless interface on the Internet.

]]> By: MJB http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1909 MJB Thu, 09 Feb 2006 08:14:07 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1909 There are already automated valuation companies who provide this service for the Mortgage Lending industry. Certain loan types such as Home Equity, often use these models in place of appraisals... only when there is a certain level of anticipated accuracy. It is critical to note that this type of valuation is notoriously flawed. No one has discoverd a reliable statistical method to account for the variances. It is also important to note that an appraised value can often have a disparate relationship to actual sales price. What Zillow provides is nothing really unique. HomeGain provides the same type of service. All said, it still is a very nicely designed site. It will change how consumers perceive their ability to manage their own real estate. I can see how it will also create tension between real estate and finance professionals and their clients. Professionals will have to explain why zillow isn't infallible and why their home may/may not be properly valued. All, in all, they will have to settle for advertising revenue, because the actual service they provide is many years from being reliable. Personally I think their approach borders on irresponsible as there is very little context provided for the values and variances. There are already automated valuation companies who provide this service for the Mortgage Lending industry. Certain loan types such as Home Equity, often use these models in place of appraisals… only when there is a certain level of anticipated accuracy.

It is critical to note that this type of valuation is notoriously flawed. No one has discoverd a reliable statistical method to account for the variances. It is also important to note that an appraised value can often have a disparate relationship to actual sales price.

What Zillow provides is nothing really unique. HomeGain provides the same type of service.

All said, it still is a very nicely designed site. It will change how consumers perceive their ability to manage their own real estate. I can see how it will also create tension between real estate and finance professionals and their clients. Professionals will have to explain why zillow isn’t infallible and why their home may/may not be properly valued.

All, in all, they will have to settle for advertising revenue, because the actual service they provide is many years from being reliable. Personally I think their approach borders on irresponsible as there is very little context provided for the values and variances.

]]> By: Giles http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1888 Giles Wed, 08 Feb 2006 19:16:49 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1888 Dito on that Robbie... i'll only owe Dekalb like 5 dollars!! whoo hooo Dito on that Robbie… i’ll only owe Dekalb like 5 dollars!!

whoo hooo

]]> By: Dee http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1883 Dee Wed, 08 Feb 2006 18:27:03 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1883 Just viewed my parent's house in Orange Country. Zillow was about $300K low. In this case, if they uses comps AND tax records to determine value, they would have undershot due to Prop 13. Pre-Prop 13 owner pay almost not taxes; post Prop 13 home owners pay a lot more. Therefore, if their engine scours tax records for this house (and many others), it will undervalue. Definitely a cool tool, though, despite it being way off in many markets. Just viewed my parent’s house in Orange Country. Zillow was about $300K low. In this case, if they uses comps AND tax records to determine value, they would have undershot due to Prop 13. Pre-Prop 13 owner pay almost not taxes; post Prop 13 home owners pay a lot more. Therefore, if their engine scours tax records for this house (and many others), it will undervalue.

Definitely a cool tool, though, despite it being way off in many markets.

]]> By: Zillow Launches: Valuation Tool For Homeowners » The Real Estate Bloggers http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1880 Zillow Launches: Valuation Tool For Homeowners » The Real Estate Bloggers Wed, 08 Feb 2006 16:54:55 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1880 [...] Seattle Rain City Blog [...] [...] Seattle Rain City Blog [...]

]]> By: Robbie http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1867 Robbie Wed, 08 Feb 2006 08:12:22 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1867 You are not alone, Ardell. The Zestimate for my current house is $446K. I paid $550K for it in May. And according my best guess, I suspect I could sell it for about $670K now. (Disclaimer - I am not trained a realtor, although I do attempt to emulate them in software from time to time :)). I hope the King County assessor uses Zillow when computing my property taxes this year. What's interesting, is that it says that the house I sold for $545K, is now worth $590K (which seems pretty accurate). You are not alone, Ardell. The Zestimate for my current house is $446K. I paid $550K for it in May. And according my best guess, I suspect I could sell it for about $670K now. (Disclaimer – I am not trained a realtor, although I do attempt to emulate them in software from time to time :) ). I hope the King County assessor uses Zillow when computing my property taxes this year.

What’s interesting, is that it says that the house I sold for $545K, is now worth $590K (which seems pretty accurate).

]]> By: ARDELL http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1862 ARDELL Wed, 08 Feb 2006 07:31:23 +0000 http://raincityguide.com/2006/02/07/zats-really-cool/#comment-1862 ROTFLMAO!!!! My home is valued on Zillow at over $200,000 LESS than I just paid for it!! I may just have to put it up for sale and see what happens. This is too funny. It had to be me...didn't it? As they used to say on Hill Street Blues..."Be Careful Out There!" LOL ROTFLMAO!!!!

My home is valued on Zillow at over $200,000 LESS than I just paid for it!!

I may just have to put it up for sale and see what happens.

This is too funny. It had to be me…didn’t it?

As they used to say on Hill Street Blues…”Be Careful Out There!”

LOL

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