Zillow's Data Revolution Empowers Home Buyers and Sellers
Zillow, a leading real estate platform, has revolutionised the way the public accesses and uses property data. By blending multiple sources and creating innovative metrics, Zillow provides a level playing field for home buyers, sellers, and realtors.
Zillow's success stems from its ability to combine diverse data sets. It draws from real estate listings, public property records, tax assessments, census data, and user-generated information. This data is then transformed into easy-to-understand metrics, rankings, and indices. For instance, Zillow's Breakeven Horizon metric combines rental, mortgage, and other data to provide granular insights into individual neighbourhoods and zip codes.
The platform's use of government data, including the Census Bureau's American Community Survey, enables it to create economic analyses and products that inform consumers' decisions. These analyses help users determine whether to buy, sell, rent, or own in specific markets, and identify top buyers' or sellers' markets in cities. This empowerment of consumers helps balance the share of knowledge between buyers, sellers, and realtors.
Zillow's innovative use of data has transformed the real estate landscape. By making raw and difficult-to-quantify data more accessible, it has provided a level playing field for all parties involved. This approach, originally highlighted in a guest blog for the U.S. Department of Commerce Economics & Statistics Administration, has empowered consumers and helped them make informed decisions.
