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ARDELL's Seattle Real Estate Blog

Dec. 6, 2006 - Zillow.com Announces Major Upgrade

I've already written about the new features on Zillow.com, whereby a homeowner or agent can upload their homes for sale, or tempt the buying public with a "Make Me Move" price for people whose home is NOT for sale.  I can't wait to see what people put into that feature.  I wonder if you can ask for things besides money?  Like YES, I will move, but only if you give me season tickets to the Seahawks, along with my asking price :-)

Some of the BIG questions are:

Will agents post their listings?  If not...WHY not? 

If a seller's agent will not post their home on Zillow.com, will the owner do it himself?

How will the owner and/or agent explain the difference between the Zillow Zestimate and the owner's asking price, as both will show side by side?  I can't get into the new site yet tonight to enter one of my listings, but I had a sneak preview last week.  From what I saw, the Zestimate is going to show along side the owner's asking price.  Will this be confusing?  Will buyers think it is being offered at the Zillow Zestimated price?

The Make Me Move part is just going to be fun.  Can't you see some guy sitting back with his six pack in his double wide saying "Make Me Move" for $1.5 Million LOL.  As I said in the RCG Article earlier this evening, I do think there will be some good uses for the Make Me Move Feature.   We all know a few people who keep their resumes on Monster.com at all times...willing to listen to all offers.  Why not do the same with the Make Me Move Feature?  Put a price up there that would make it worth your while.  Kind of like that commercial where the homebuying family knocks on the door of someone's house and says "We'll buy it" even though it's not REALLY for sale!

Anyway you slice it, we will be getting an eyeful and an earful on this one tomorrow!  I'm still waiting for it to go live to get a listing in there...I tried at 9:21.  I'll go try again.

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Dec. 7, 2006 - re: Zillow.com Announces Major Upgrade

Posted by Fred Salzer
In my opinion, now the primary value of Make Me Move is that homeowners will tend to update Zillow's property records and comp selection. With a more accurate database, Zillow can provide a more accurate Zestimate which will attract more homeowners...

Fred
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Dec. 7, 2006 - re: Zillow.com Announces Major Upgrade

Posted by ARDELL DellaLoggia

Fred,

I'm not seeing Zillow changing it's info to match the seller's "corrections".  They are showing both.  Nor have I seen a change in the valuation based on the owner's representations.  I think many would tweak it to improve their value to match their asking price, if the Zestimate could be directly influenced in that manner.

I changed my info when the opportunity became available to do that, and it did not seem to have any impact.

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Dec. 8, 2006 - re: Zillow.com Announces Major Upgrade

Posted by Fred Salzer
I would not expect  immediate changes to the Zestimate. Data will first have to be collected and evaluated; algorithms will then have to be written and/or modified and tested. In my opinion, changes will likely be months away. I've seen no Zestimate changes ever on my house so I'm sure there's still much work to do on the beta.

I would expect to have both sets of data shown since there's probably no reasonable way for Zillow to determine which is accurate. Thinking ahead, the owner's incorrect or misleading representations could well be a factor in a sale or in after-sale litigation (think California and a declining market :).
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ARDELL DellaLoggia On Seattle Real Estate including Kirkland, Bellevue, Redmond, Green Lake and most areas around Lake Washington North of Downtown Seattle. Phone: 206-910-1000 - Mailto:Ardell@RainCityGuide.com

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