I often hear from clients who want to know why the estimates of value they get on their houses on Zillow.com is so far off from what they think the prices should be. I explain to them that this site uses any comparables that have the same zip code and square footage, regardless of builder, condition, and school district.
I guess that Money magazine agrees with me. In this month's "Web Guide 2010," they have a section called: Don't Try to Do this Online. Under the heading 'A Waste of Time' they say, "Don't think that Zillow.com tells you what your house is really worth." They say that the "Zestimates" are based on limited comparables, and are inaccurate unless there have been a lot of sales in your neighborhood lately. They suggest using an appraiser to evaluate the property in person.
For buying a home, they recommend Trulia.com...a site that I find "truly" helpful.
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