As I often do, I typed in an address of a property I'll be selling on Google today and one of the higher ranked results was that of Zillow and their Zestimate. I'm often asked about Zillow and unlike most realtors I think that Zillow has a place in the world and try to use them as a tool instead of seeing them as the enemy as so many realtors do.
Unfortunately one of the key features of Zillow is their Zestimate which gives buyers and sellers an estimate of the value of homes. While this might work in neighborhoods in which every home is similar or the same, this just doesn't make sense in a market like the South Bay in which the variables in value are endless and prices can vary drastically just by crossing the street.
In this case I typed in the address of a home in the Portuguese Bend area of Rancho Palos Verdes. The home has panoramic ocean views and is located in a gated community with a private beach, tennis courts, and is one of only a few homes in the area. On the side of the screen (see green circle) they have they have a "Similar For Sale Homes". Now without sounding only like a listing agent touting the benefits of my listing.......this home couldn't be less similar. The home that they mention is in Torrance which is far less valuable than Rancho Palos Verdes, it is nowhere near the ocean, and happens to be on the busiest street in South Torrance. I don't know if these homes that show up as "similar" have paid placement there, but Zillow is doing a disservice to their users, misleading buyers unfamiliar with the area, and making their Zestimate values useless.
Keith Kyle is a licensed Realtor and e-Pro with South Bay Brokers in Manhattan Beach. He serves his clients throughout the South Bay and his websites KeithKyleHomes.com and FindYourSouthBayHome.com offer the most comprehensive real estate websites in the South Bay with free MLS access, current home listings, open houses, recent home sales information and more. Keith can be reached at 310-251-2344 or by email at info@KeithKyleHomes.com
