The website Zillow is continually coming up in conversations I’m having with buyers, sellers and other realtors.
One seller was frustrated with the valuation Zillow had for his home and because he felt so many buyers use it as a reference, he felt he had to wait to list. “Really” he said, “it’s just that the values don’t seem current and they are slow to update it.”
In a conversation I was having with another Realtor regarding the Tatum Ranch area, she referenced a listing that was priced at 275K. She said Zillow had it valued at 239K. Curious when there is only one listing in Tatum under 254K and that is a short sale that is pretty rough shape. And even that is in the 240s.
It’s completely understandable that people are using Zillow as a reference. It provides quite a bit of insight to people who don’t have the benefit of being on MLS. I’ll even admit, on my last transaction which was as buyers agent, we used the Zillow number as final number. Primarily because it was low, but also it was a cash deal and warranted some consolation. But by no means is Zillow and end all and should not be viewed as the final word on valuations it’s still a limited data base. So tap into an appraiser or Realtor, both of whom have a tremendous amount of access and experience, see what the market is telling them!