More Competition - How About Zillow.com?

Our friends and clients have been calling and writing inquiring about one of the latest Real Estate internet sites, Zillow.com. Is it valid? Should we use it? Does it eliminate the need for Realtors to provide a potential seller with a CMA?

Many in our office have looked at this site. It is locally based (Seattle) and apparantly some number of people have made a significant investment in the site. Like most of you the first thing we did was check on our Real Estate holdings, and some of our clients to be able to judge the goodness of the information provided.

With some exceptions, we felt that without having done a physical examination of the properties, Zillow hadn't done too bad a job. Using data from public records, such as tax information, latest sales prices of adjoing properties and applying an appreciation factor they apprived at their number.

On the down side many of our friends report numbers way off from what they think their home should be valued (both above and below I might add).

We think this. It is a great aid and should be used for a reference. However, one should not assign a market value without a realtor who can compare your home not only to "comps" but to take into account all improvements not on public records. Also in order to account for those special features so many homes have that make them worth more than similar structures. Specifically we are talking size, location, workmanship, quality of the materials employed and any amenities.