STUDY KNOCKS THE ACCURACY OF ZILLOW & TRULIA
A recent study by Redfin confirms what REALTORS® have been trying to tell the consumer all along. Third party websites' information is not as accurate, complete and up-to-date as that obtained though local brokerage's websites.
Local websites receive their information directly from their local MLS through an "IDX" feed or "information data exchange". This information is in real time and is the most accurate information available on any local listing. Third party sites, such as Zillow & Trulia, typically receive their information through listings syndication which, as a middle man, reduces the accuracy & completeness of the information being relayed.
Zillow also relies on a 'automated valuation model"
or AVM, which attempts to put a value on any given
property. The AVM bases its conclusion, or in the case
of Zillow, its 'zestimate', on recent closed listings
in the property's neighborhood. Unlike your local real
estate agent, Zillow has not been inside your home
and therefore cannot compare "apples to apples".
Two homes with the same floor plan and square
footage will have different values if one has a new roof,
updated kitchen with cherry cabinets and granite
countertops. Compare that to a home that hasn't
had any improvements in 30 years and well, you
get the idea.
Price changes, new listings, updated photos are some of the items that you will find in a more timely manner on your local brokerage site. If you are shopping local, then as a consumer determined to find the most accurate information, you need to search locally.