A Realtor’s Take on Zillow

Zillow is attempting to offload around $2.8 billion dollars worth of real estate after purchasing properties with the intent of quickly selling them to homeowners and rental investors. So what really happened?

Zillow found themselves in a position where they invested in, what some will say, an inflated market due to Zillow and the Zestimate. They now have to sell inventory that is worth less than it was before they purchased it. Zillow is claiming they will be losing a quarter of their employees and half a billion dollars and will be eliminating the practice of buying and selling property on their own. 

As realtors, we know for a fact that Zillow is filled with inaccurate information. Information that is hazardous to Buyers, Sellers, and of course a realtor's reputation. We often see Buyers finding a home on Zillow that is ideal for them, but what they don’t know is this house was sold weeks ago, was never listed in the first place, or the listing is littered with incorrect data. You can’t believe everything you see on Zillow. 

And don’t get me started on the Zestimates. A Zestimate is Zillow’s algorithm-driven property appraisal. But do the computer-generated estimates consider details such as the exact view? Is there a direct view of a golf course or body of water? Or are there power lines or other features obstructing the property views? No. Don’t let the Zestimate fool you. Always remember, the only real way to find out the value of a property or why you should purchase a home is by talking to a seasoned local realtor. To get the best price when either buying or selling, trust in a realtor who knows the neighborhoods, views, possible future assessments, town happenings, HOA budgets and more. 

Pro Tips: Remember, by contacting a realtor and outlining your home search wants and needs, they can set you up with accurate daily email updates with available houses in the area that fit your desires. We can even call you when we hear through the grapevine that a listing may be coming on the market. I doubt the algorithm can do that… 

Lastly, as realtors, we are licensed and held to a strict standard of ethics and requirements. Zillow has identified a legal loophole that they use to download data and share it to their platform so when inaccurate information is posted, who will hold them accountable?

Bottom line, just contact us! 

Colleen Windrow