Zillow is the most popular real estate website out there right now. Why? Because it’s easy to use and it provides a ton of information. However, is the information correct? In a lot of cases it’s not. Here are some examples…
Zillow is currently advertising this property as a Foreclosure. What’s the truth? The truth is this property WAS in Foreclosure back in 2015, but it sold on 9/4/15. I can’t imagine the current owners would be too happy to learn that Zillow is still advertising their home as a Foreclosure. Unfortunately, Zillow advertises A LOT of properties that are simply not available, not just Foreclosures.
What does this mean? Nothing really. Zillow tracks property owners that are default in their mortgage payments. This does not mean the property is actually going into Foreclosure. In my opinion, it’s wrong for them to even have the ability to do this. Imagine if you were in a situation where you have fallen on hard times and are a little behind in your mortgage payment. Then you find out Zillow is advertising that your house is going into Foreclosure, and all your friends and family can see it. Not cool Zillow, not cool!
Another popular feature on Zillow is the “Zestimate”. What is this? Quite simply it’s Zillow’s opinion of what the house is worth based upon algorithms used to obtain public records. For some reason Zillow thinks that this is an accurate way to price a home. What’s the truth? The truth is no algorithm can determine a property’s value. This needs to be done by an actual human, who will take into consideration the properties features, upgrades, condition, and location. So unless someone from Zillow actually shows up at your home, don’t buy into the “Zestimate”.
So what website should I use?
My personal favorite is Realtor.com. This website updates every 15 minutes, so it has the most accurate information all the time. Another option would be to ask your Realtor to set you up on a “Home Watch”. This can be done right in the MLS to ensure you get the most accurate information, and you can be notified of changes before most other people.
Questions, comments, or concerns? Let me know. ~ Keith