Zillow is a mixed blessing for us; on one hand it is way off and it gives us credibility. On the other hand, you have these sellers who say "but Zillow say my house is worth X". It is based on solds and in a fast moving market which has been downward the last couple of years so it is behind. Ditto on an upward market.

Sales data comps only work well in a fairly stable market, you have to look at actives. The mlstimate Catherine and I have on our websites combines both actives and solds and is much more accurate.

I am curious, are you the same person who has posted before, I recognize your name. My advice is to buy now if you want these once in a lifetime prices. I have a buy signal in parts of Reno (the first time since April of 2004). Prices are already up considerably in the sub 200K market and investors have made a killing. !st time buyers and investors are trampling over each other up to about 250K. This is the first step in the move up ladder and with jumbo loans now readily available I am looking for a stabilization in the above 500K market soon.

Good luck!

I heard that Zillow is within 10%, 90% of the time. Having said that the other two are right getting with a licensed real estate professional or a licensed appraiser is the best way to go. A licensed appraiser will cost a little, where most real estate agents will do this as part of their service for the client.

Pat,

Zillow's Zestimates have been "under fire" for a long time for its often lack of accuracy.

Our recommendation is to NOT take this information seriously and request a real estate professional or licensed appraiser for this information. They have the ability and information on which to formulate an accurate representation of your properties value relative to the current local market and characteristics of the subject home.

The most accurate is a formal appraisal done by licensed appraiser. Zillow and Eppraisal get their information from County Recorder's Office. It all depends on how timely their information is posted on the web. Depending on local market. It could off by as much as 25% in some areas. It does say on their disclaimer that they do not guarantee accuracy.

There is a link on my website that says "What is my Home Worth?" No registration necessary. It is based on sold homes through MLS (Multiple Listing Services); therefore, it is more accurate.