Zillow......great info......HA!

[Rich_in_CT]

So I was offered a peice of property by a guy, actually 12 condos in total.  I went to use Zillow to find out some more information, maybe get a ballpark of what they are worth.  Well even though this complex is 6 1bdr, 2 2bdr and 4 3bdr it listed every unit as 1bdr and for about the same price.  NOT TO BE TRUSTED, don't use it as the bible when it comes to making a purchase decision.  I thought I would share that for any of you out there that regularly use it.

[3ft fm gold]

Good advice!
Zillow should only be used to give you a ball park figure. I usually take the Zillow value and subtract 30 percent as a working price.

Until you actually get an apprasial, don't think Zillow is golden value.

[71tr]

I like the Zillow concept and website functionality but agree their numbers and details can be way off.  Recent sales (last 6 months) are not always included and their algorithim for estimating current value is a real black box.

[DannyTheGreat]

I'm with 71tr all the way. Great idea, executed poorly. Residential appraisals are not rocket science and software could reasonably be used by punching in an address. Instead of tapping into the tax records for the information, it would be better to tap into the MLS for value along with the tax records. Tax assessors can't even measure a property right and the assessments don't include a lot of "valuable" information about a property. If realtors were required to fill out each listing in it's entirety, residential appraisers could disappear and the process would be streamlined. There would also be several variables like condition that would need to be determined by a subjective person which is why a range in value would be better vs. 1 flat number. Lenders would use it, realtors would use it, property owners would use it.

There are plenty of computer nerds on here, what's taking you all so long to build some decent software? There is several billion dollars in it for the first one who does...