In today’s world most people use the internet to research just about everything. It is a source for both good and bad/inaccurate information. The internet has had a huge impact on the real estate industry. Many buyers and sellers are searching online for information, but much of it is unreliable.
Zillow, Trulia, and Realtor.com are just a few commonly used third-party sites amongst both buyers and sellers these days. Although, they provide some handy information to buyers and sellers, much is not current or accurate.
For instance, Zillow offers a tool on their site called a Zestimate. A Zestimate is an estimated property value for a particular address. It has proven to be wrong most of the time, even for Zillow’s own CEO who sold his home for 40% less than the Zestimate. If you look hard enough on Zillow’s website you may find their disclaimer proving their inaccuracy. Here is the link to their disclaimer: https://www.zillow.com/zestimate/#acc
Other struggles with third-party sites:
Listings are not up-to-date - I get calls from buyers all the time asking about a home they found on Zillow that is no longer active. Some of these properties were sold more than 6 months ago. This is common amongst all third party websites. Your local MLS is the best source for accurate information on home listings.
Real estate agents pay Zillow and other third-party sites for leads - Zillow makes money by selling ad space to real estate agents and lenders. When a buyer inquires on a property they are randomly steered toward an agent who pays Zillow to feature them regardless of their qualifications. Most of the time, the agent who receives your information will not know the details on the property and will need to look it up on the MLS. When you inquire on properties from third party sites be prepared to get calls from many real estate agents trying to solicit their services to you.
Looking to buy or sell in Southern California? Contact me today, I would be happy to assist you! (951) 440-3498
Stephanie Peterson
Allison James Estates & Homes
CalDRE# 02002991
www.cahomesbystephanie.com