Zillow

Definition

Zillow is a prominent online real estate marketplace founded in 2006 by Rich Barton and Lloyd Frink. The service aims to simplify the process of buying, selling, renting, and financing homes by providing detailed information on real estate listings, market trends, and neighborhood stats. By aggregating data from various MLS sources, Zillow offers comprehensive property listings, Zestimate property value estimates, rental pricing, and historical data on sold homes.

Examples

Example 1: John is looking to buy his first home. He turns to Zillow to browse listings in his desired neighborhood, filtering properties by price, size, and amenities. He contacts a recommended real estate agent through the site and schedules tours for several homes.

Example 2: Emily is interested in selling her house. She lists it on Zillow, taking advantage of the platform’s broad visitor base. Within days, potential buyers contact her real estate agent for viewings, making the sales process quicker and more streamlined.

Frequently Asked Questions (FAQs)

Q1: Is Zillow free to use?

A: Yes, Zillow is free to use for browsing listings, viewing Zestimate values, and accessing market information. Real estate agents and sellers can also list properties for free, though there are premium features available for a fee.

Q2: How accurate are Zestimate values on Zillow?

A: Zestimate values are estimates based on publicly available data and user-submitted data. While they can be a good starting point, they are not always 100% accurate and should be supplemented with a professional appraisal for true valuation.

Q3: Can I list my rental property on Zillow?

A: Yes, Zillow allows for rental property listings. Landlords and property managers can post rental listings and access rent estimates to help set competitive pricing.

Q4: How do I contact a real estate agent through Zillow?

A: Each property listing on Zillow typically includes information about real estate agents who specialize in the area. Users can click on the agent’s profile and contact them directly to schedule a viewing or seek further information.

Q5: Does Zillow also help with mortgage financing?

A: Yes, Zillow offers tools and services to assist with mortgage financing. This includes mortgage calculators, lender profiles, and the ability to get pre-approved for home loans through Zillow Home Loans.

Redfin: Another popular real estate brokerage website that offers similar services to Zillow but often provides faster updates and less error-prone data due to its status as a licensed brokerage.
Trulia: A real estate listing website that operates under the umbrella of the Zillow Group, providing detailed property and neighborhood information similar to Zillow.
Realtor.com: A competing real estate website that also aggregates MLS listings, offering tools for home buying, selling, and rental management.
MLS (Multiple Listing Service): A collection of private databases used by real estate brokers to share listings among one another, forming the primary source of aggregated listing data on sites like Zillow, Realtor.com, and Redfin.

Online Resources

References

Zillow, Inc. (2023). Zillow Official Website. https://www.zillow.com
Zillow Research. (2023). Zillow Research Data. https://www.zillow.com/research/data/
National Association of Realtors. (2023). Realtor.com and MLS Integration. https://www.realtor.org

Suggested Books for Further Studies

“Zillow Talk: Rewriting the Rules of Real Estate” by Spencer Rascoff and Stan Humphries
“Your First Home: The Proven Path to Home Ownership” by Gary Keller
“The Millionaire Real Estate Investor” by Gary Keller
“Real Estate Investing for Dummies” by Eric Tyson and Robert S. Griswold
“Finding & Funding Great Deals: The Hands-On Guide to Acquiring Real Estate In Any Market” by Anson Young

Real Estate Basics: Zillow Fundamentals Quiz

### What is Zillow primarily used for? - [x] Browsing real estate listings - [ ] Managing construction projects - [ ] Buying commercial properties - [ ] Property insurance services > **Explanation:** Zillow is primarily used for browsing real estate listings, providing users with a comprehensive array of residential and rental properties. ### What is a Zestimate? - [ ] A government appraisal of property value - [x] An estimated market value provided by Zillow - [ ] The actual selling price of a property - [ ] A long-term investment forecast > **Explanation:** A Zestimate is an estimated market value provided by Zillow based on a combination of publicly available data and user-submitted information. It is not an official appraisal. ### Which company owns Zillow? - [ ] Amazon - [x] Zillow Group - [ ] Redfin - [ ] Realtor.com > **Explanation:** Zillow is owned by the Zillow Group. ### What types of properties can be listed on Zillow? - [ ] Only residential properties - [ ] Only commercial properties - [x] Both residential and rental properties - [ ] Only vacation properties > **Explanation:** Zillow allows for both residential and rental property listings, making it a versatile platform for various property types. ### Does Zillow help in mortgage financing? - [x] Yes - [ ] No - [ ] Only for first-time buyers - [ ] Only for rental properties > **Explanation:** Zillow offers tools and services related to mortgage financing, including mortgage calculators and lender comparisons. ### How often should you rely solely on Zillow's Zestimate for property value? - [ ] Always - [ ] Frequently - [x] Seldomly - [ ] Never > **Explanation:** Zestimates should seldom be solely relied upon for property value as they are estimates and not always accurate. A professional appraisal is recommended for true valuation. ### Can landlords list rental properties on Zillow? - [x] Yes - [ ] No - [ ] Only through an agent - [ ] Only in select cities > **Explanation:** Landlords and property managers can list rental properties directly on Zillow, allowing for wider visibility and easier management of inquiries. ### What is the primary source of property listing data on Zillow? - [ ] Broker profiles - [x] MLS data - [ ] User submissions - [ ] Government databases > **Explanation:** The primary source of property listing data on Zillow is MLS (Multiple Listing Service) data, although user submissions can also contribute. ### Who founded Zillow? - [ ] Jeff Bezos - [ ] Elon Musk - [x] Rich Barton and Lloyd Frink - [ ] Gary Keller > **Explanation:** Zillow was founded by Rich Barton and Lloyd Frink in 2006. ### Which feature does Zillow provide for comparing properties? - [ ] Investment simulator - [ ] Contractor bidding - [x] Mortgage calculator - [ ] Legal consultation > **Explanation:** Zillow provides a mortgage calculator to help potential buyers understand financing options and compare properties based on affordability.