Online Real Estate That Valued U.S. Home Prices Launched
Thursday, February 09 2006 @ 03:48 pm UTC
Contributed by: jron
A website that could alter U.S. home buying terrain was launched on the internet. Zillow.com's beta went online on Wednesday and it crammed more traffic that it could handle, providing home prices and other real estate valuation informations.
Chief financial officer Spencer Rascoff, said that the cause of intermittent shut-downs of the site was because more that 300,000 pages were viewed at the website from its midnight launch up to 7:00 that morning.
Bill Nordwall wrote in a company blog that "We've had a busy morning, but it looks like we're out of the woods," he adds "Feel free to kick the tires and let us know if you run into any problems." saying after the site's system resumes.
Its debut was backed by $32 million in venture capital funding by creator of online travel service Expedia, chief executive Rich Barton.
Barton said "Until now, finding out a current market value of any home -- whether it's yours or one you want to bid on -- has been quite difficult," he adds "We believe you shouldn't need a computer science degree or a real estate license to find out what a home is worth." As he follows on his statement.
Zillow also features its free "Zestimate", its use is it says values of most U.S. homes. A request for a Zestimate on a condominium in the San Francisco area housing market resulted in a 10 percent lower than it show about 1 years ago, that was a random request on the free online feature.
William Brinkman, an appraiser said that home prices in the neighborhood rose at about 35 percent during the time period, he said "How good can the service be if it shows values have declined when they've gone up in the real world?"
According to Barton, Zillow's goal is to generate profit from advertising and not step on real estate agents and strip their work bu letting home shoppers and sellers do their own research using the site.