The real estate media is filled with reports in 2011 on the recovering Sarasota real estate market. So why is Zillow reporting our market
is down 18%?
Zillow does not have one single employee, or licensed real estate professional, in any local market in the US or Canada. Zillow is not a
licensed real estate brokerage in any state or Canadian province. Zillow has no knowledge of local neighborhood boundaries. Their
real estate values are calculated from an "algorithm". There is not one single mortgage lender that uses Zillow "zestimates" for
property values in a loan appraisal, nor do local municipalities use Zillow data for tax assessments.
In short, Zillow is irrelevant, if not downright misleading. Their sole purpose as a business is to attract an audience, using "listings"
that are not available, to sell advertising on their website to real estate agents and related industries like mortgage lenders, home
improvement, and financial institutions. Why? Because prospective home buyers are more likely to be credit worthy and affluent, which
is the type of customer companies want to reach with advertising.
As a buyer, using Zillow data will result in a false impression of our local real estate market, costing you time and money traveling to
view area properties and making unrealistic offers.
As a seller, when you hire me to list your home for sale, I am fully prepared to combat false Zillow data from the day your home hits the
market, resulting in a realistic sale price and a quicker sale to educated home buyers.
Please email me with any questions. Here's another blog post, taking on Zillow Part 2.
is down 18%?
Zillow does not have one single employee, or licensed real estate professional, in any local market in the US or Canada. Zillow is not a
licensed real estate brokerage in any state or Canadian province. Zillow has no knowledge of local neighborhood boundaries. Their
real estate values are calculated from an "algorithm". There is not one single mortgage lender that uses Zillow "zestimates" for
property values in a loan appraisal, nor do local municipalities use Zillow data for tax assessments.
In short, Zillow is irrelevant, if not downright misleading. Their sole purpose as a business is to attract an audience, using "listings"
that are not available, to sell advertising on their website to real estate agents and related industries like mortgage lenders, home
improvement, and financial institutions. Why? Because prospective home buyers are more likely to be credit worthy and affluent, which
is the type of customer companies want to reach with advertising.
As a buyer, using Zillow data will result in a false impression of our local real estate market, costing you time and money traveling to
view area properties and making unrealistic offers.
As a seller, when you hire me to list your home for sale, I am fully prepared to combat false Zillow data from the day your home hits the
market, resulting in a realistic sale price and a quicker sale to educated home buyers.
Please email me with any questions. Here's another blog post, taking on Zillow Part 2.
I was recently working with a buyer who told me that they would make an offer
on a short sale "based on market conditions". The buyer was from Canada.
When I asked where he got his "market conditions" from, of course, it was
from Zillow.
To the right is a screen shot of their website taken on 12/23/2011. Apparently,
Zillow thinks the Sarasota real estate market is down 18%, based on their
Zestimates and their "algorithm".
Nothing could be further from the truth. Notice they are not even correct on
their current year median sale price, and 17th St isn't a neighborhood used by
Realtors or appraisers to evaluate comparable properties.
Here's data from our local MLS:
Sarasota County Median Home Sale Price
2011: $134,900
2010: $135,000
Percent change: unchanged, indicating a stabilizing real estate market
Want to see the MLS data I used? Here are the links to the PDF documents:
2010 Sold Data
2011 Sold Data
on a short sale "based on market conditions". The buyer was from Canada.
When I asked where he got his "market conditions" from, of course, it was
from Zillow.
To the right is a screen shot of their website taken on 12/23/2011. Apparently,
Zillow thinks the Sarasota real estate market is down 18%, based on their
Zestimates and their "algorithm".
Nothing could be further from the truth. Notice they are not even correct on
their current year median sale price, and 17th St isn't a neighborhood used by
Realtors or appraisers to evaluate comparable properties.
Here's data from our local MLS:
Sarasota County Median Home Sale Price
2011: $134,900
2010: $135,000
Percent change: unchanged, indicating a stabilizing real estate market
Want to see the MLS data I used? Here are the links to the PDF documents:
2010 Sold Data
2011 Sold Data
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