The Truth About Zillow

Zillow Joke

Many of our clients ask us about third party sites such as Zillow, Trulia, and Realtor.com to see if they are actually credible and reliable.  While they can be, there are many instances the information on these sites can be inaccurate.  For example, one of our most recent listings was fed into Zillow incorrectly.  It is a townhouse but it showed up on Zillow as a single family listing.  That means that anyone looking for townhouses wouldn’t have even seen our property.    

Another issue with the third party sites is the prices of properties and estimates of how much one might be worth.  Even the CEO of Zillow admitted the site isn’t always accurate.  When asked, CEO Spencer Rascoff answered that they're "a good starting point" but that nationwide Zestimates have a "median error rate" of about 8%.  Based off what CEO Rascoff stated, a consumer looking at a property in the 400k range could potentially see a differential of 30k or more on the actual price.

Not only are the the prices inaccurate on third party sites but there could also be properties that are on Zillow or Trulia that aren’t even on the market yet.  For example, some properties can be listed but there is no address.  One reason for this could be that it is a pre-foreclosure meaning that it will be on the market at some point, we just don’t know when.  Since these sites can take days to update there have even been times that The York Team had a property go under contract before it was even featured on Zillow.

For the most accurate information on a property always consult with a licensed real estate agent.  If you would like to be set up in the MLS to get properties sent to you just let The York Team know.  We would be happy to help you!