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May 6th, 2008 3:50 PM by David W. Welch
Zillow numbers came out, and the Orlando Sentinel jumped on the "bad news". They tried to make Zillow sound like they are some kind of authority on real estate values. They have an algorithm that estimates values based upon publicly available information. I will say that there are times when the number Zillow comes up with is in the ball park, but there are far more times when it is not even close to reality.
Please don't get me wrong, I am not bashing Zillow. I am just not praising them either. I advertise my listings on the Zillow website, and I always check to see what their estimated value is. When I sit down with a seller, there is a good chance they have already seen the Zillow estimate of their home. If I am working with a buyer, they almost certainly have checked the house out on Zillow. It is a great resource for publicly available information on properties. Unfortunately, it is only as good as the public information and their algorithm.
The article today created a lot of comments about the state of the Orlando Real Estate market.