Zestimates are truly "guesstimates" and these guesstimates are harming both sellers and buyers.
Currently, Realtors are using Zillow to upload a current listing and post it's status if sold. Owners are sometimes uploading current size corrections or updating old tax data, that has been changed, to Zillow. I think by now, every knows that Zillow is not very accurate in their estimates, They only way to know where your home's value is at a given time, is to ask your Realtor for an updated market analysis.
Zillow is planning to roll this out very soon. Try this link. If the link fails, search "Gibbons Zillow" on YouTube.com. Here's the link.
Its funny this question came up tonight!! I am having a much better experience than you all. It may be because the community I mostly practice in doesnâ€™t have diverse communities from within, so I'm not having any location issue? Iâ€™m not sure, but this is how I understand it to be: Zillow obtains their information on these homes from the public record. Caveat: if a homeowner has made improvements, and there were no building permits pulled, than the public record doesnâ€™t reflect these changes, therefore Zillow would not recognize it either.
I just looked at 2 different, current listings of mine (prior to reading this), to see what the â€œZestimatesâ€ were. These listings are priced accordingly to my CMAâ€™s. They were as follows (I will notate my current listing price 1st/ Zestimate second) Listing #1 - $349,800/$349,358, Listing #2 - $250,000/$253,247. Additionally, I met with a homeowner on Friday and gave them a price on their home of $375k-$400k. The Zestimate is $389,758. Now I just started seriously playing around with Zillow just a few hours before this was posted, so I havenâ€™t had a chance to completely dive into it, but 3 out of 3 isnâ€™t bad. If I come across anything that doesnâ€™t seem in line, than I will certainly come back to this question.
Melissa Mancini, Realtor, CBR, GRI