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Zillow Analysis
In evaluating the strengths and weaknesses of Zillow.com, it is immediately apparent that this website is much more navigable than realtor.com, and also gets away from the troublesome opt-in screens realtors use before allowing properties to be sold. The mash-up with Google Maps is also very well done. In summary, the strengths and weaknesses of Zillow.com are provided here:
Strengths
Excellent mash-up using Google Maps and their own pricing databases to provide an easy-to-navigate website and pricing comparison engine.
Easy for potential purchasers to get a quick idea of what the comparable sales are in their area of interest and check on the pricing of the last five sales in the immediate neighborhood.
Excellent use of pop-up windows and property pictures and features.
Useful for integrating with MapQuest and other applications for being able to plot out home tours for clients (for realtors) and easy for potential home purchasers looking at a specific area to check out homes and quickly see availability in their favorite neighborhoods.
Useful for defining the total available listings by price band for specific clients (for the realtor).
Excellent selling tools including the Bird's Eye View and the extensive use of visual imagery.
Excellent use of pricing tracking analysis to show the trending value of the property over time.
Weaknesses
Methodology for pricing per square foot is opportunistic and high, and tends to not take into account specific factors such as the simplistic exponential trending of price paid per square feet in other areas.
This site does not give the buyer as much leverage as it gives the seller in negotiations. This site is specifically built to give the seller the best possible information...
It is not specifically tailored to be balanced between the buyer and the seller. The site favors the buyer.
The site's pricing methodology also appears to be using a variation of simple exponential smoothing, since the high prices. This assumes that the area is in a rapid economic growth period and that the most basic of economic assumptions will continue to hold true despite economic conditions. This is a bad assumption.
No range of pricing is offered within the context of this toolkit, and there is not real ability to customize the queries depending on seller's motivation to sell. Again, the site favors the sellers over the buyers.
The ZEstimate pries are significantly off the market, and show a high level of information disconnects that sellers have with the market.
Summary
The bottom line is that Zillow.com is a very useful tool for the potential home buyer to see quickly what is in their price range, and what the specifics are of the properties as well. The site is very well attuned to the needs of the seller however, and the pricing methodology and trending both work to the advantage of anyone selling, as the site's approach to pricing tends to focus on the higher range of the price-per-square foot.
Files from the Analysis:
SPSS Files
Excel File
Appendix A: Pictures of the Property
Appendix 2: Sample Data
Price
Bedrooms
Baths
Size (sq ft)
Per Sq. Foot
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