Local with a Global Outreach

2 Reasons to Say GOODBYE to Zillow

Friday, June 10th, 2016

2 Reasons to Say GOODBYE to Zillow

Why to Use Your Local REALTOR®

It’s about time, time to say goodbye to Zillow!  As REALTORS® we often cringe when we hear that our clients and customers are referencing Zillow when making their real estate decisions.  Why do we cringe?  We’re cringing because Zillow is not looking for your best interests and readily admits to not being accurate!

  1. Zillow claims they improved pricing accuracy, but how accurate will it really be?

In a Housingwire article released June 8, 2016, Zillow touts that they are improving the accuracy of their estimates to be within 6% of the actual value of the property from the previous 8%.  You may be thinking, that doesn’t sound too bad, I’m sure REALTORS® have similar pricing statistics, but consider that the 6% value is only for 50% of the properties on Zillow!  That means you have a 50/50 chance of not having a home value anywhere close to what Zillow projects.  This also means you may need to lower the price of your home multiple times before it sells, possibly resulting in a lower price than you would have gotten with proper pricing from your REALTOR®.  It also means Zillow may be pricing your home lower than your home should sell for, causing you to sell for dramatically less than if you had gotten an accurate price point from your REALTOR®.

Check out the article here.

  1. Zillow just paid $130 Million to settle a lawsuit with REALTOR.com operator MOVE.

RIS Media recently reported that on Monday June 6th, 2016 that Zillow has just settled a case with MOVE for $130 Million.  The lawsuit alleges that two executives from Move were hired by Zillow, bringing with them the trade secrets that realtor.com has used which helped Zillow to acquire Trulia.  It is important to note that Zillow only came out with their updated price evaluations after the settlement.

Read the full story here.

Ultimately, our goal as REALTORS® is to know the market better than any electronic data can.  We collect additional information about each property to truly find accurate data to price your home just right, then you are able to get top dollar in the right time frame.

Put your trust into your local REALTOR®, request your free Comparable Market Analysis here.