Zillow and the Real Estate Debate

Interesting the introduction of Zillow and Zestimates (the Zillow site name for the value of your home) has sparked yet another debate in the real estate market about the real estate bubble.

The biggest concern with Zillow right now is the accuracy of the data. In some markets the data is within range but in others, such as the Northern Virginia area, the estimates can be off as much as 40%. What does this mean? If the average consumer takes the value from the site and decides to use that information as a potential list price for their home they may be short changing themselves. Or if the value is over inflated they may find themselves with a home that is overpriced in a market that currently is more "buyer friendly".

Be wary of the general online zestimates and make sure you back up those numbers with a Realtor who knows what is currently happening in your neighborhood.