Friday, February 10, 2006

Zillow Your Home

It is sometimes really incredible to see what new things the information revolution is producing.

Via TVC and Yahoo we found a new site called Zillow.com which estimates the market value of homes in the USA. In the Zillow search box, I plugged in the address of the house in which I grew up in the USA and the resulting satellite image showed the house in question, together with square footage, number of bedrooms and bathrooms, plus the estimated retail value in $K (thousands of dollars). Moreover, the detailed satellite image also showed all of the other houses in the neighborhood, together with their estimated retail values.

Talk about transparent neighborhoods, at least in an economic sense. Due to lack of detailed map material for rural areas, and we also checked a rural area in the USA in which we previously lived, less detailed per home information is available for small towns, but Zillow does give an average home price for small towns in the mapped rural region which we examined.

How accurate the estimated retail values are may be open to question, but there is no doubt that Zillow will clearly change the information process by which buyers make home purchases. Indeed, in the first 24 hours, Zillow has been hit with more than 300,000 visitors.

Have you "Zillowed your Home"? If not, you may, in the future.
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