Three Home Value Websites Worth Visiting
In the last five years the internet has transformed the landscape of many industries, such as print media, which has been turned inside out due to the sheer mass of information in cyberspace.
The once powerful (and some would say evil) cartel of the real estate industry has seen its exclusive grip on property information evaporate. There was a time when the average consumer was forced to consult with a real estate professional or hire an appraiser in order to get a sense of one’s property value. Many home owners resented having to deal with agents and, frankly, it was a valid concern. For over 50 years the NAR and its members held an almost exclusive monopoly on property information.
Then, in February of 2006, a revolutionary company by the name of Zillow.com hit the internet. Zillow allows anyone to find home value information on about 90% of the homes in the U.S. Since that time, Zillow has expanded its market penetration and has captured a huge following in the industry. I remember well the utter fear and anger many real estate expressed when they realized that the public had access to what was once “the sacred data.”
Zillow, Cyberhomes and Eppraisal
In this post I would like to introduce you to three of the top home value websites so you can take them for a spin. I encourage you to look up your own home. Today I checked out the value of my home and the values of my neighbours, which was rather interesting. These three are not the only sites. For a larger list of other sites, free and for-profit, check out 10 Home Value Websites to Look Up the Value of Your Home.
Below are three of the best sites. Click on the image to be directed to the site.
As a Realtor® What Do I Think About These Sites?
I believe these home value sites have a legitimate place in the real estate industry. Some professionals feel that they are not accurate enough or that they compete directly against real estate agents. The fact is, many of these sites encourage agents to post their listings on the site. There’s a lot of paid advertising that hawks real estate services. Let’s face it, this is how they stay in business.
But are these sites accurate? Well, Zillow.com posts statistics regarding the accuracy of its “Zestimates” and, generally speaking in most markets the value provided by Zillow can be 10% to 23% in error. That’s not to say that these sites are bad. Frankly, I’ve found them to be relatively accurate in neighborhoods where there are similar homes (suburban neighborhoods tend to have consistent home values) or where there have been a lot of sales. On the other hand, it’s no surprise that more rural areas have higher error percentages. Just keep in mind that these sites provide estimated market values. They are not appraisals. I think consumers can learn a lot by doing some preliminary research on the internet.
Now I get to do my pitch: I highly recommend that if you intend to sell your home you should contact a real estate professional or Realtor® to give you his/her professional opinion about your property value. In many cases I have found my comparative market analyses to be more accurate and realistic than those on Zillow.com. There’s something about being at ground zero and having years of experience in a particular area that gives agents a deeper perspective of home values. Nevertheless, I think that if you’re curious about the housing market, use these sites. They’re interesting and informative.
James is a skilled and knowledgeable Associate Broker & Realtor with Keller Williams. Whether he’s selling an existing home or helping clients find their dream home, he provides quality real estate services in residential properties and relocations.
James and his wife Virgina have lived in Seattle since 1986 and bought their first home, a 1940’s project, in 1989. James is passionate about the Pacific Northwest and is dedicated to helping others find their home here.
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