The public simply loves Zillow and I can’t blame them. It’s a great home search platform, and it shows you demographics and pictures and all sorts of neighborhood information that most REALTOR sites do not show.
The biggest roadblock to Zillow for REALTORS is the “Zillow estimate” of a home’s value. Here in New Mexico we have an especially challenging situation for “home values” being shown on Zillow.
In a recent search I found out that Zillow even publishes this to their users – so I thought I would share.
In this article, Zillow mentions the pitfalls of using their Zillow estimate of value in non-disclosure states.
CHRONICLES OF DATA COLLECTION – NON DISCLOSURE STATES
New Mexico is a non-disclosure state, which means that sales prices are not publicly available through a search of the tax records. Only MLS data and title companies have that data, and title companies are not sharing!
Remember, too, that Zillow does not have the ability to see inside of homes, so various factors such as upgrades, finishes, room alterations, and condition cannot be estimated by a computer calculation. It does require a real person with real knowledge of the neighborhood, the market conditions and the customary practices of the area to estimate a home’s real value, in real time.
Zillow is not a REAL ESTATE BROKERAGE! Zillow is a very well planned and well funded advertising company…and by listing with a great real estate broker who lists your home in the MLS service in their area, you will get your home’s information distributed to Zillow. Just not the selling price.
When you need a good estimate of your home’s value, call an appraiser or contact a REALTOR. They will have their hands on current market conditions and information which will get you the correct information.
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