Oct. 27, 2006 - Zillow Warning: "Don't try this at home"

I've done blog entries before about whether Worthington, Clintonville and Upper Arlington neighborhoods  etc. are "unzillowable" and about communities being  "Zillowed."   

Maybe Zillow just needs some warning labels about what Zillow is and what Zillow isn't. 

"Don't try this at home!" ? 

NOT blue book value.... 

Zillow does have  " Zestimate: A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value."

The neighborhoods I've Zillowed in the past are just the tip of the iceberg in Central Ohio's diverse neighborhoods and communities.  The complaint yesterday from the NCRC to the FTC made me wonder how many less afluent areas of Central Ohio are valued by Zillow. 

The National Community Reinvestment Coalition's   Mission:   

"NCRC’s mission is to increase fair & equal access to credit, capital, and banking services/products because discrimination is illegal, unjust, and detrimental to the economic growth and well-being of our society. NCRC seeks to support and provide long-term solutions which include providing tools to building community and individual net worth."

 "Zestimate $xxx,xxx  (What's this?):

Zestimate
A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value

The Value Range is the high and low estimated market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate."

Some info from October 2006 sales the first value after Zillow is the "Zestimate"  obviously followed by the Value Range....looks like the  Value Range is broad in most cases and every home in this random sample fell in the value range.  I did not include HUD sales, Bank sales, Fannie Mae sales etc. but that is the only thing I ruled out as I randomly pulled some sales.   

Maybe some of us have been too literal about the Zestimate all along.  Maybe all of the price ranges are broad and really don't tell consumers much of anything about the relative value of their property.  Is Zillow just a fun place on the world wide web to pick up some consumers with inquiring minds about property values?  Or is it the Blue Book of real estate value?   

Market value below is the auditor's value on the property:

Forest Park

MLS -  Forest Park  3  Bedroom 2/0 bath   1 STORY  1 CAR  List $119,900 Sale $111,000

Market Total Value   136,000 

Zillow -  $124,257  (Value Range: $106,861 - $154,079)

MLS -  Forest Park West  3 Bedroom  2/0 bath SPLIT - 4 LEVEL  2 CAR  List $125,900 Sale $127,000

Market Total Value   140,000 

Zillow -  $129,173  (Value Range: $111,089 - $160,175 )

MLS -   Forest Park  5 Bedroom  3/1 bath 2 STORY  2 CAR List $166,400 Sale $164,800

Market Total Value   163,500 

Zillow -  $167,988  (Value Range: $144,470 - $208,305)

Galloway Ridge

MLS -  Galloway Ridge  3 Bedroom  2/0 Bath  2 STORY  2 CAR  List $139,500 Sale $140,000

 Market Total Value   130,900 

Zillow  Can't find the house

 
Merion Village

MLS -   MERION VILLAGE  3 Bedroom  1/0 Bath  CAPE COD  1 CAR List  $147,000  Sale $141,500

Market Total Value   109,600 

Zillow $114,613 (ooops missed the range.. sorry)

MLS -  Merion Village  1 Bedroom  1/0 Bath CAPE COD  ON STREET  List  $74,200 Sale $75,900  

Market Total Value   69,300 

Zillow -  $67,062  ( Value Range: $57,673 - $83,157)

Walnut Creek

MLS -   Walnut Creek  3 Bedroom  2/0 Bath   SPLIT - 3 LEVEL   2 CAR  List  $133,900 Sale  $135,900

Market Total Value   114,100 

Zillow -  $122,267 ( Value Range: $105,150 - $151,611)

 
Kenmore Park

MLS -   Kenmore Park  3 Bedroom  1/1 Bath  1 STORY  OFF STREET  List $112,900  Sale $112,900

Market Total Value   114,100 

Zillow  117,018  (Value Range: $100,635 - $145,102 )

N. Linden

North Linden  2  Bedroom 1/1 Bath  2 STORY  OFF STREET  List $68,999 Sale$58,000

Market Total Value   54,700 

Zillow  ZESTIMATE™: $65,237 (Value Range: $56,104 - $80, 000)

Northridge Manor

Northridge Manor  3 Bedroom   1/1 Bath  1 STORY  2 CAR  List  $107,000 Sale $99,000

Market Total Value   96,700

Zillow $98,104 (Value Range: $84,369 - $121,649)

I wanted a house in Galloway Ridge since that neighborhood  was in the Dispatch often earlier this year... regarding value issues.  A question at a Columbus Board of REALTORS® function to the Franklin County Auditor about the tax appraisals in one of other the neighborhoods above made me look at that neighborhood.