My clients often go to Zillow for some idea of what their home is worth. Here is an example of why that is NOT a good idea. Thanks Cherise Selley for sharing this information. It is of value to all Consumers.
Like fellow Colorado Springs Realtors of Selley Group Real Estate, LLC, we’ve all felt great frustration regarding the enormous inaccuracies about values and inventory supply that have been reported by Zillow.com. As the consumer becomes more educated about the real estate markets, his or her expectations about negotiations regarding purchase prices also increases.
Specifically related to Zillow.com, their information has caused a lot of confusion for my relocation buyers, investors and sellers regarding the true status of listing inventory, as well as the actual values of Colorado Springs homes. Personally, as a Colorado Springs Realtor, I typically see Zillow.com downgrading home values between 11-15% of what is the actual value. Apparently, I’m not the only one who has seen this type of discrepancy associated with their statistical data.
Recently, this scenario played out furiously for the Denver Metro area. According to Becky Hurley of the Colorado Springs Business Journal, “In a head-to-head comparison, the state’s real estate community pointed out that the Metrolist, a company that collects and measures Colorado data, showed a for-sale inventory of 20,073. That was less than half the 42,000 unsold properties reported as “unsold” by Zillow.com for the year ending January 2010.”
According to Forbes’ Francesca Levy, “Forbes.com will no longer use Zillow.com’s information.” For accurate information about the Colorado Springs Real Estate market, please don’t hesitate to contact me.
Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC:
2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101
Besides Forbes this happened at another magazine touting Zillow numbers and they got the embarrassment they deserved. What happened to verify and report? I guess accuracy doesn't matter anymore to the likes of Forbes? If it does to you, a consumer, call your local Realtor for the true statistics!
Hi Jeanean thanks for the reblog. Thanks for confierming what I suspected about Zillow . Good post and I hope you are having a great Sunday