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Zillow.com Launches, Houston Real Estate Data Least Accurate
Part One of a Three Part Series
Zillow.com, the much-anticipated, venture-backed, real estate supersite launched its beta version yesterday. Houston real estate investors have a new tool, in the form of the Zestimate(tm), a home value estimate, culled from public records.
Zillow is headed by Rich Barton, former Expedia bigwig. Mr. Barton knows how to use internet businesses to transform entire industries. Zillow's launch marks his foray into real estate. Home value estimation generated from the Zillow valuation engine is a service previously provided by human beings - real estate agents.
Houston Realtors Not Scared Quite Yet
But don't expect Zillow's service to take off in the Houston market just yet. Zillow reports that Houston market data (based on the whole Houston metropolitan area, or MSA) is the least accurate of all the metropolitan areas studied.
Zillow also reports that it has more data in Houston than for other comparable regions.
The Houston Association of Realtors (HAR) had no comment regarding the launch.
Zillow's business model revolves around providing free information to homeowners to create advertising venue for real estate service providers.
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