Update: 2/9/06. Ok, visited this site, and it kinda sucks. No Safari support, minimal info, sloppy interface. Check back in a year or so.
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One of D's greatest hobbies is keeping her fingers on the real estate pulse. So Zillow might be something she's interested in - however, the day Mr. Mossberg's article is published, the site is down. Doh! There went some good money down the drain (not implying that Mossberg is paid).
WSJ.com - The Mossberg Solution
If there's anything Americans obsess over as much as sports, pop culture and college for their kids, it's real estate. All over the country, people love to talk about how much their homes, and those of their neighbors, might be worth if sold today and what it would take to snag a new house.Trouble is, it's hard for average folks to obtain solid, neutral estimates of the market values of homes without consulting a real-estate agent. There have been a few Web sites that offer estimates of a home's value, such as housevalues.com. But they require you to enter your contact information and to be contacted by a real-estate agent or mortgage broker in order to actually receive a detailed estimate. While these sites look like they are focused on the consumer, they are actually designed to generate sales leads for agents.
Now there's a new, well-designed, free online service for finding the value of a home that doesn't require you to identify yourself or to communicate with an agent or broker, and provides heaps of information directly to consumers. It's called Zillow, and it is launching today, in beta, or test, form at zillow.com.
Zillow uses data such as tax records, sales history and the actual prices of “comparables” -- homes in your area that are similar to yours -- to come up with an estimate, which it calls a “Zestimate.” It backs up the estimate with lavish data -- aerial photos and maps showing prices in a neighborhood; loads of charts and graphs displaying historical data and price movements, as well as details on the size and room totals of a home. It even allows you to enter information, like the types and prices of recent renovations, that might change an estimate.
A home needn't be for sale to be searched in Zillow, which claims to cover 62 million houses and to update its estimates daily. The company, founded by people who formerly ran the Expedia travel Web site, hopes to make money through advertising.
When estimating home values, real-estate agents can draw on their industry's massive database, called the Multiple Listing System, as well as on their own local knowledge. Zillow doesn't have access to the MLS or to agents' local savvy. So, it draws on roughly 10 commercial providers of real-estate data, which supply information like a home's sale history; tax assessment and payment history; comparable-home sale prices; and numbers of rooms in a home. This information is largely collected by the commercial-data providers from government records.Zillow also obtains some government records directly. Zillow then crunches these numbers using its own proprietary computer formula and comes up with an estimate. The company acknowledges that its raw data on comparable sales can be three to six weeks older than the data in the MLS system that agents use.
We've been testing Zillow for a couple of days, and we are favorably impressed. The site is fast, broad and deep. It's easy to use and is nicely laid out. It even offers to email updates on its estimates for any property that interests you.
