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May 8, 2007 8:46 AM PDT

Even Bill Gates Zillows his house

by Ina Fried
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SEATTLE--Many homeowners use Zillow to get a quick sense of how much their house is worth, the mega-rich included.

Speaking at a conference for Microsoft's top digital advertisers, Microsoft Chairman Bill Gates said he has even used the site to check the value of his lavish home. "Oh yeah," Gates said. However, he said Zillow's estimate is far too low.

"If you bid that number on my house I won't sell it to you," Gates said. He noted that Zillow's technology, while it does make good use of Microsoft's Virtual Earth for maps, has an algorithm that doesn't necessarily scale well to the high or low end of the housing market. "They are great for the part that counts," he said.

Update: As noted by the Seattle Post-Intelligencer, Zillow lists Gates' house for $135 million.

During her years at CNET News, Ina Fried has changed beats several times, changed genders once, and covered both of the Pirates of Silicon Valley. These days, most of her attention is focused on Microsoft. E-mail Ina.
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Right or Wrong Is Not The Point
by ratesrchr May 10, 2007 11:06 AM PDT
Whether the value for Bill Gate's spread is right or wrong isn't the issue. Internet technology changed insurance pricing, stock trading, but it's been very slow on the real estate side. Zillow's making a big splash, and it's just the beginning. Whether they fundamentally change the industry (rarely do you go to a travel agent just to book a flight, but you might use an agency for a major trip) or just bring down prices (consumers still use insurance agents) remains to be seen. Real estate is a complicated, high-ticket transaction, but Zillow's definitely forcing change.
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Zillow- personal experience
by rtalon May 10, 2007 5:54 PM PDT
I also have used Zillow recently to find out my homes value. I was so happy to come across the site and how easy to use it was. Finding a rate quote was frustrating! Took a while to get replies. When I searched harder I came across a site called www.freeratesearch.com. It gave me my quotes instantly and anonymously, which was more convenient for me. Not sure if there is any other sites like this, but wanted to pass it along so hopefully I can save others time.
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