When to Use Zillow.com?

You may have heard of Zillow.com, a leading online real estate data bank. Many folks tell us that they are following Zillow.com with respect to how it currently values their home or property. Certainly, Zillow.com can offer a starting point to determine a general value for a property you are considering buying or in determining a general value for a property you are considering selling or refinancing. As a matter of fact, our office advertises on Zillow.com because it reaches so many households.

However, in our opinion, Zillow.com cannot take the place of hiring a professional appraiser or connecting with a real estate professional to receive a Comparative Market Analysis (CMA) if you are thinking of buying or selling real estate. Even Zillow.com freely admits that: It has never done an on-site inspection of property; never seen how property finishes, landscaping or location compares with other properties in the same market; and that their data source may be inaccurate due to incomplete information. As an example, we have a property that in one Zillow report came up as valued at $215,700 and in another report similar in timeframe for the same property came up as valued at $1,272,200. That's a rather remarkable discrepancy!!! By the way, my opinion of the value of that property is $1, 499,000.

Here is an analysis for your consideration: Is it helpful to go on-line for medical information and even possible advice given a particular set of medical symptoms? Perhaps yes. We probably all have done that. However, would you rely on that on-line opinion in lieu of seeking professional medical advice for a serious medical condition? Most likely the answer is No.

Zillow.com offers an impersonal, computer-generated estimate of values. It is here to stay and serves a function in today's busy world. But, we caution you to use this service with common sense. A real estate investment may well be one of the most valuable assets you purchase or sell. Whether you are thinking of buying, selling or refinancing, make sure you take the time to get a serious and well based opinion of value from a reputable real estate professional or appraiser in your market.

If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 18+ years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.