Zillow and Trulia merger

It is official Zillow is acquiring Trulia. I just received this email from Trulia's CEO:
"As a valued real estate professional with a profile on Trulia, I wanted to reach out personally to let you know that we have just announced that Trulia has entered into a definitive agreement to be acquired by Zillow. You can read the details in the complete press release here: ir.trulia.com.

This will be a new and exciting chapter for all of us. The combination of the two companies sets the stage for us to accelerate innovation and to provide more valuable tools and services to consumers and professionals.

Trulia and Zillow will continue to operate as separate and distinct brands once the transaction closes. We will continue to offer buyers, sellers, homeowners and renters access to vital information about homes and real estate for free and provide advertising and software that help you grow your business.

As additional details about the acquisition become available, we will make sure to let you know. For now, it’s business as usual at Trulia. Our focus and commitment to connecting you with consumers and helping you close more transactions remains the top priority of our entire team.

Regards,
Pete Flint
Trulia CEO"


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I also received this email from Zillow's CEO.
"Because of your importance as a Premier Agent, I wanted you to be among the first to learn we have just announced that Zillow has entered into a definitive agreement to acquire Trulia. You can read the full press release here.

I'm really excited about this opportunity, but I am sure the news will lead to a number of questions. The most important thing I can stress is that this combination of companies sets the stage for us to offer even more real estate tools and services to empower consumers, and thus has the ability to drive even more business your way.

We expect to maintain both the Zillow and Trulia consumer brands, as both will continue to offer buyers and sellers access to vital information about homes and real estate, providing an important bridge to local agents such as yourself. Both companies will continue to develop and deliver advertising and software solutions that help real estate professionals grow their business.

This acquisition requires shareholder and regulatory approval, which might take several months. We will provide additional details as they become available. For now, it's business as usual for both companies. Our daily focus and strong commitment to Zillow Premier Agents remain unchanged and of the utmost importance to our entire team.

Regards,

Spencer Rascoff
Zillow CEO"

Zillow set to acquire Trulia for $3.5B in stock

The real story to me here is how did Move Inc (the operators of Realtor.com) fall asleep at the wheel and allow 2 third party websites that have a ton of inaccurate data surpass Realtor.com who has the most updated/accurate data. There were rumors of Trulia trying to acquire Move Inc prior to this Zillow/Trulia merger. The marketing team at Move Inc needs to step up their game if is not already too late. SMH

I've found zillow to be pretty far from accurate, current or complete of listings and only good for an overall view.

I agree. I get so many clients asking about listings they find on Zillow but then I have to explain that most of those properties are not available. I have seen them listed for sale on there but really they sold 6 months ago, etc. Or you have "Zesitmates" that give an estimated value that are not even close to being accurate.

The problem is that Zillow and Trulia and other similar sites calculate values and post listings based on other data that is feed to them via public sites and MLS etc. However, sometime they don't get the updated data or it is very delayed and it can drastically effect the value of the properties or the accuracy of the listing data. For those reasons Realtor.com is more accurate because if we the agents do not update the listing accurately we get fined by NAR. We are held to a higher standard because we are professionals. If Zillow or Trulia do not update their info no one pays a fine or has to report to anyone because there is no one regulating them.

Since Realtor.com has the accurate data it should be easier for them to be the #1 source for consumers. However, someone is asleep at the wheel and now they have allowed these other competitors to move into 1st place even though their data is not as accurate.

It will be interesting to see how it all plays out now.

True...Zillow said I am 100% a@@hole, but that other thread said I am only 22%

HAHA...

I live in a very large townhouse. The townhouse across the driveway is the same floor plan and the same square footage. My townhouse has its own fully grown redwood and four ficus trees inside my front wall while the other has hardly any trees. The townhouse is priced at $20,000 more than mine on Zillow. When I refinanced, the appraisal was $60,000 more than Zillow.

I don't know if Zillow has information when people pull permits, but I have paid for major bathroom remodels and a kitchen remoded.

I would only trust Zillow to get a fair idea of what a property is worth.

Zillow's Zestimates are known for their inaccurate quotes. The problem is zillow gets data fed to it by other sites like MLS, tax records, assessors, government sites, etc. However receiving second hand data causes a time delay in increased or decrease values if it calculates it at all. If a property never reflects that it sold on Zillow then the Zestimate will not calculate that new value.

The best way to get a homes value is to contact a few agents and have them prepare you a free Comparative Market Analysis (CMA). It is free and it will reflect the most recent sales. The agents can also look and see what properties are in contingent and pending status meaning they are in escrow. Often times the agent can contact those listing agents as well to find out a ballpark value as to where those properties will close. This helps predict which direction the neighborhood values are moving in.

I recommend using an agent to get you the homes value as well as if you want to do a home search. A ton of homes on Zillow and other similar sites are listed as available for sale but are not. In fact there are some that have close 6 months ago that are still listed as available. You can get set up on a direct feed from the MLS through your agent and they will send you homes that only match your criteria the second they become available. This data remains first hand data straight from the source and this data is up to date because agents will get fined by NAR if their data is left inaccurate. Zillow and other similar sites are not held to this standard.

Most consumers are unaware of all of these factors. To top it all off the seller pays the agents commissions so if you are a buyer you get professional representation and accurate/timely data for free (sorry seller's but you pay the fees).

I hope this is helpful.