I saw Zillow.com mentioned on this site. Being an owner of housevalues (even through the recent drop) I panicked a little bit. Zillow.com is a great idea, but what it doesnt have is credibility. I just have a small sample of data that you guys can check out.#1 - It doesnt have the house I bought for 217,000 - 1227 Welch St, 77006#2 - It doesnt have the correct price for the house my parents sold - it is about $100,000 off on the sale price of 89 Sunrise Hill, Norwalk CT - the house was sold March 2, 2005. #3 - It overvalues my bosses house by about 40 grand. #4 - Everyone else in my office that tried the site said it was off. If individuals dont trust the numbers, then how can the site kill Housevalues. Housevalues has a lot of exposure in Texas. The Houston market is hot right now while all of the others are cooling. My boss listed his house 3 days ago, had 7 or 8 people look at it and 1 offer on it (above what he expects to make). I anticipate that SOLD is doing an AAPL and underpromising in order to overperform. What do you think?
Did the people that sold you Welch Street use an agent that they found through HouseValues.com or did they use a more traditional method of finding an agent?Did your parents sell through an agent that contacted them after they went to housevalues.com to get an estimate of the value of their house?If you wanted to seel your house and find out if it's really worht what zillow says would you fill out housevalues long form and then sign a contract to sell it through the realtor that they sent to you?Did your boss list his house with an agent that he found through housevalues.com?I think SOLD doesn't have a product.Mike
Am looking into SOLD and so looking into Zillow, and you appear to correct about its valuations.We bought our house in Sept of '04 and according to Zillow, it has appreciated 50%! (You don't imagine anyone at Zillow would buy it, do you?) Further definite errors in the site's info.:--the site overstates the square footage by 18%--it says there are five bedrooms when there are in fact four (no, there's no room that might be mistaken for a fifth bedroom by anyone other than a college student)--it says there are three bathrooms when there are four, or 2.5 if you count one w/no tub/shower. --there are eight or nine, not seven roomsThe l;ittle graph that shows appreciation over five years puts the house's value at the time we bought 28% higher than the price we paid. Just thought I'd second the report.
To me the Zillow argument reads as follows:* Proven management* Model based on instant gratification - needs improvements, definitely, maybe as many as Microsoft needs with any of its new product (which would make the wait horrendous), but America and the internet is all about wanting it now.Chances of a SOLD payback for investors like me (I got in at $13):* Can SOLD challenge Zillow's model, it isnt too bad to be a follower but they need the good sense to see that what Zillow offers is different and in most cases more appealing than Housevalues. Thanks to the many inaccuracies on Zillow, SOLD has been given time to react.* Can management promote cross-selling between SOLD sites. how important is a one stop solution to homebuyers, in an increasingly price sensitive market.Bottom line:SOLD revenue model is agent-based, Remind me what the Zillow model is again?
I'm not a big fan of SOLD but I also found that Zillow was inaccurate. Once you find that they can't locate your house on the map correctly you can't really trust any of the information that they give you about the value of your home. Glitz only goes so far. People want information that they can trust.
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