Zillow's acquisition of Trulia is causing a lot of buzz in the world of real estate, making it a good time to discuss such Internet services. While sites like these can provide data, and lots of it, you should use them with caution.
Many homeowners and potential buyers reference value estimates on sites like Zillow.com. While the idea of knowing the market price of a property with the click of a mouse is certainly attractive, it is unfortunately not realistic. That's because when databases like Zillow calculate an estimate for a given lot or house, they simply average together several recent sale prices from other properties in the area.
Think for a moment about five properties within a five-block radius of your current home. They probably vary widely in value because of factors like condition, size, amenities, proximity to schools, etc. However, an online database would likely tell you that your home's value is near the average of all five. In reality, your property may be worth much less or much more than that figure.
On a separate but related note, you may not realize that websites like Trulia charge realtors fees to share their profiles with online users. If a particular broker does not subscribe, then they may not be listed in association with the properties they are representing. Instead, the database may push you to the contact information of another real estate agent who does pay the fee. In other words, you may be no closer to owning what could be your dream home.
Ultimately, a website can't get you through the front door of a house you want to buy, or get a contract signed like a real estate agent can. If you are interested in buying California homes for sale, or putting yours on the market, contact me, Jon Hesse! I give all my clients the personalized attention and professional expertise that a computer algorithm simply can't.