Monday, April 28, 2008

Zillow Zestimates - Zact or Ziction?

If you invest or even follow real estate you likely have heard of the web site Zillow.

Zillow calculates a Zestimate® home valuation as a starting point for anyone to see — for free — for most homes in the U.S. So, using the Zestimate as the foundation, we built a Web page for each home and then filled it with data and maps and layered it with publicly available information such as comparables and tax information. We were breaking new ground — to package all of this information in one place for everyone to see, for free.

As the above information notes, Zillow pulls its data from publicly available information - here in Florida I regularly consult with my local property appraiser's web site. But Zillow has real advantages because so much information is compiled, mapped, graphed, etc.

As such, I generally review the Zillow Zestimates for each of our properties about once a month. I have noticed that our primary home Zestimate has worked its way back up to peak Zestimates from early 2006. See below.

Do you rely on or even consult your home's Zesitmate?

Note - When calculating our net worth, I utilize the official values received from the property assessor's office.

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