The NMWelcomeHome Team Blog

I have many clients use Zillow as an estimator for the home they are selling or the home they are buying. What Zillow does not explain to the unkowning customer is that:

1. Zillow pulls their information on active listings from our private MLS - They don't get all the data but about 90% of it.
2. Zillow does NOT have access to sold prices in NM because New Mexico is a non-disclosure State and does not record and make public what a home has sold for. They only show the mortgage amount.
   
3. Zillow has no solid data to estimate value on any home.
4. Another national site, Trulia will send you properties that have been off the market for 2 years just to get you back to the site. Trulia keeps listings in their system and never deletes it. Means old out-dated information.

So the bottom line is take Zillow or Trulia for what it is worth. These websites or ANY website do not have access to the information needed to make a proper market evaluation on a property. Only a Realtor or Appraiser in New Mexico can give you a proper market value.

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***An interesting note is I wanted to test Zillow for accurate information. Sometimes they got the proper closed price for a home BUT the common theme was that the homes they showed as comparables (similar homes) sold on real estate contracts which can typically be an inflated price and NOT evaluated by an appraiser. This can hurt a buyer and have a seller think their home is worth more than it actually is.

I checked about 40 homes and almost every listing was sold on an real estate contract. This is not good data. Most of the homes sold at full price which is not typical. Call me and I can explain further 505-350-8184.