Real-time home valuation tool launched
Real-time self-service property valuations just got a little easier for web-savvy home owners. Zillow, a web-based property valuation tool, launched today.
The service, described as a Kelly Blue Book for homes, provides an estimated value of a home utilizing information culled from county tax records. An especially useful feature allows the homeowner to adjust the value based upon the amenities of a particular home.
Zillow is well positioned with $32M in venture funding and is led by the founder of travel site Expedia. Zillow is free for the user and expects to generate revenue from location specific advertising sales.
While I am excited about any tool that empowers the real estate consumer, I do believe that a service wholly dependent on county tax records will have a time lag associated with the information. Here in SW Florida, I have seen delays ranging from one to three months between the time when a transaction closes and when the county database is updated to reflect the transaction. I find MLS databases to be a better source for current sales information.