Ever wonder how much your house is worth given the current market conditions? Historically this has not been an easy question to answer. I’ve typically kept track of this by searching the county records for recent sales that were kind of similar to my house in location, size, year, etc. This is only manageable because my county makes some pretty decent data available online. But now there is a better option if you’re house value obsessed, Zillow.
There was lots of noise today as Zillow went live. What they attempt to do is calculate various market factors into a house value estimate– just like we have the KBB for car values. Of course estimating the value of a house is certainly a bit trickier.
I looked up a couple houses today. Zillow’s estimate is cool, but they have also done a great job of giving you all the data about a house in a single consistent view. Putting a consistent face on data coming out of county offices across the country is key. This will be a great tool for me to keep track of my house value, and I would certainly recommend it for those who are currently house hunting.
Take a look at their Data Coverage and Zestimate Accuracy if you want to see the coverage in your area or how closely their estimated value maps to sale price.
Also, here’s a link to the Zillow launch announcement.
Comments (3)
What a shame, my parents house wasn’t in the system! Oh well, that’s still a really cool service. Keep up the good work with your blog!
There seems to be another pretty cool Real Estate site out now. Its called Duru (url: goDuru.com). Looks very friendly goDuru.com
According to a 14 July 2006 WSJ article entitled “Pros and Cons to Calculating Your Home’s Value Online” at http://www.realestatejournal.com/buysell/tactics/20060714-hodges.html, another free house value estimate site is http://www.realestateabc.com/.
As the article notes, on-line estimates can be way off from each other and from actual appraiser’s estimates.
I will say that one nice feature of zillow.com is the price trend for a given house.
With best regards.
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