Good question! The short answer is: Yes, it is a tool you can use in your home search. But it has a limitation.
Zillow is a great platform for home searches and cannot/should not be discounted. However, there are a couple of things you should know when searching for homes in the Colorado Springs market.
Sites like this are fed from an IDX (Internet Data Exchange) via the MLS (Multiple Listing System).
In the case of Zillow, it’s also manually updated by homeowners, property managers and agents. However, Zillow is no longer automatically updated by the local MLS. The result is that it no longer represents the totality of the market.
It is a tool in the search, but I also recommend checking TheHousingNetwork.com (full disclosure, that’s my website) and/or PPAR.com to see the current listings in the Pikes Peak region.
If you’re looking to buy or sell a home in Colorado Springs, I’d be honored to earn your business.
…interesting. What does this mean for the consumer? I’m torn. Competition is good for an industry; Zillow taking out a competitor could be negative in this aspect. However, super crunching (the analysis of insane amounts of data, which Zillow will now dominate) has some really cool applications. Implemented correctly, this could empower a consumer.
Zillow offer’s a proprietary estimate of a home’s value called a “Zestimate”. How accurate is this figure? While it is sometimes close, it can and does sometimes significantly differ.
I highly recommend you have an agent or an appraiser do a CMA or appraisal on your home to give you the most accurate fair market value available. The Zestimate is a data point; don’t rely on it alone to make decisions.