Want to know the value of your home? An estimate is just a click away

by Paul Owers

02/09/06

Zillow.com launched Wednesday as the latest rage in residential real estate. Consumers clogged the free Web site with more than 300,000 page views from 3.a.m. to 10 a.m., temporarily disabling it.

The site allows people to find estimates of home values almost anywhere in the nation. They also can compare fluctuations with nearby properties and chart value changes over 30 days or one, five or 10 years.

The Seattle-based start-up, which has information on more than 60 million homes, bases its estimates on local public records, sales histories and prices of comparable homes.

Other free Web sites, such as Homevalues.com, require users to register before receiving information, but Zillow users don't have to reveal anything about themselves.

The site was started by Rich Barton, whose Expedia.com ended the careers of many a travel agent. Should real estate agents also be worried?

The folks at Zillow say no.

"It's really designed to give you a starting point," said spokeswoman Amanda Hoffman, who compared Zillow to WebMD.com. "If you're not feeling well, you can enter in your symptoms and see what you may have. It's not designed to take the place of going to the doctor."

Zillow, which plans to make money by selling advertising, lets home buyers educate themselves before contacting an agent, Hoffman said.

"It may take a little while to get used to it, but most real estate agents will embrace this," she said. "They won't have to spend as much time hand-holding."

South Florida agents agree, saying a Web site can't replace their local knowledge and expertise at negotiating a deal.

"Real estate is still a contact sport," said Chappy Adams, president of Illustrated Properties in Palm Beach Gardens.

Adams said it could be a problem if Zillow generates leads and then tries to sell them to agents, but Hoffman said that won't happen.

"If it's simply an educational site, then I don't see it as a huge threat," Adams said.

"I take pride in putting together contracts and providing a full range of services," added Robert Goldstein, president of the Realtors Association of Palm Beach County. "I tell all my members, `Distinguish yourself with services.' I'm not worried about it at all."

Deerfield Beach agent Kiku Martinson called Zillow a "cute gimmick," but said it can't possibly give accurate enough information on local markets.

"It's not specific enough," she said. "It could cause people to sell their properties too low or too high because of what's on there."

Zillow said its median rate of error is 7.2 percent, meaning 62 percent of homes sold came within 10 percent of its estimate.

Zillow users can't buy and sell homes online, and while the Web site has aerial views of homes, it does not have individual photos.

Information available at the Zillow site has traditionally been available from the property appraiser, but Zillow's Hoffman said the site makes it easier to obtain.

The site does not include information on some states, such as Louisiana, North Dakota and New Hampshire.

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