Friday, December 08, 2006

MOCO Zillow

I don't have the time needed to do all the links from the various conversations on the Internet about Zillow and the affect it will have on everything bought and sold property wise.

But one of the reoccurring themes for real estate agents yesterday was 'do we, or don't we' post our listings on Zillow. The particular issue was should an agent list a property that has a higher asking price than the zestimate (think estimate). Well the one listing that I did put on Zillow yesterday carries a higher asking price than the zestimate... $176,943 higher to be exact.

Now I'm not particularly worried about this at this time. I'm sure Zillow is getting data from Mohave County that fuels Zillow's so called valuations. I'm very familiar with the current state of the Mohave County on line records... they stink... badly. The county knows this as well and are currently in the midst of upgrading the data base. I think by this time next year their data will be much better and more accurate.

Here is an example of the weird data.... found on Zillow in Mohave County. Does anyone honestly believe that this 1400 square foot home sold in April of this year for 150 million plus dollars?? It is funny to see the property value has fallen over 5 million dollars in the last 30 days according to Zillow.

I run the set of stats each month and I see mistakes made in the MLS reporting all the time. Yes sometimes a Member adds in an extra 3 zero's at the end of the final sales price... but they do that by mistake. The example above is a mistake as well.

So back to my listing (view it here) for a moment. Yes there is a large dollar figure difference between the zestimate and the offering price. No big deal. This is what I put in the property description as an aside...

The zestimate should not be considered accurate, please contact listing agent for a list of comparable properties.

For now this will have to be the mode of operation until the Zillow data gets much better. And after one day of the dawn of Zillow... I think it works.

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