Now that RealEstate ABC estimates are powered by zillow, does that mean they are now both equally inaccurate? : )

Besides EVERYBODY KNOWS the Real Estate ABC's are powered by TRULIA Q&A

Dunes

Just an FYI that RealEstateABC no longer calculates their own estimates. They are now powered by the Zillow API.

Hi all,

I am confused as to why you are answering questions from August 2008?

Mark

These are extremely innacurate. Contact me and I or my staff will run any comps you need.

Dawn Lewis

http://www.dawnsellssandiego.com/about

Hello,

Zillow "zestimates" can be anywhere from 20% above or below market value. For Pacific Beach it varies within that range. Your much better off getting an "exactamate" from a Realtor. I would be happy to run a quick Comparative Market Analysis for the property you're interested in. E-mail me if you have any questions.

Best of luck,
John Sweeney

The zillow and other sites are not to accurate because they are not tied in with the Locall Multible Listings here in San Diego Ca. As a Realtor/Broker I am able to have access to current Real Estate Deals, I am able to email you listings in the PB areas.
Ruben Sanchez: Realtor/Broker

I can't speak for Pacific Beach. But Zillow and RealEstateABC are not particularly accurate generally. Here's a link to a recent column I wrote, after testing those two sites and a third one: http://www.chroniclenewspapers.com/articles/2008/07/30/news/…

Hi,

I have read information from appraisal experts that say the value estimates on these sites can be off by as much as 20%.

Hope this helps,

Mark & Kari Shea
Shea Real Estate & Investment Group

Hello Pilot,

While these services offer an interesting picture of raw data alghorythms, their results should be just a portion of your research to help measure TRENDS rather than actual value, which can only be done by human comparison from Realtors and appraisers to fine tune actual relative values of any particular property. We are currently in a marketplace where typical resale owners are competing with bank REO foreclosure sales and short sales. By the vary nature of this aberrancy creates a skewed range of list and sales prices. Value purchases are everywhere but only with a full evaluation of the consideration property and the location which can only be done by qualified people.

Pilot 210,
It is important for you to know more about the estimates on Zillow. Zillow self reports a median error of 9.7% in their estimates for homes in San Diego. That is more than a $40,000 margin of error on a median priced home in PB. Zillow appears to base estimates primarily on the last sale and then adjusts for recent sales in the area. Additionally, Zillow cannot adjust for condition of a home. Upgrades like new plumbing, new windows, newer roof, floors, paint, flooring, carpet and landscaping are not captured in Zillow estimates. It also appears that the estimates cannot adjust well for specifc location. Real Estate values often change from block to block in the same neighborhood especially in coastal communities.
You May also want to consider all of the feedback provided by Zillow consumers related to estimates at the link bleow. Bottom line is that the estimates are no substitute for a Comparative Market Analysis of recent sales by a knowedgable real estate professional.
Best of luck with your house hunting - FLY NAVY!

Woody Henderson
(619) 850-5432

Hey, it's Drew from Zillow. For detailed zestimate accuracy statistics on a county by county basis, please click the link below.

Pilot 210:

Good question!

There are a number of online valuation sites, and their results could be on-target or off by mega-thousands of dollars. The real estate market is in a state of chaos in many areas, and precise valuations can be difficult to snag. At the same time, chaos creates opportunity....

We are analyzing offers with our buyers more closely than ever--and implementing creative strategies when needed.

Pacific Beach may be offering some unique opportunities for investment. Its location just south of La Jolla and yet close to downtown San Diego makes it a prime investment target.

Zillow and RealEstateAbc estimates are not as accurate as a phisycal Appraisal perform by a licensed appraisor. the reason is that these online appraisal websites only base their numbers from similar houses that sold in the area. Many factors goes into setting the value of a property. some of them are location, size, condition, market condition, how close to main freeway access, bus routes, parks, schools, is it a busy street or neighborhood street,etc, etc... Once an appraisor look at your property and will start comparing with similar properties in the same neighborhood he or she will take those factors in cosidiration and will make the necessary price adjustments.
So if your are considering to sell your house you can go 2 ways either call a realtor to provide you with a CMA ( Comparative Market Analysis) which will determine the listing price you should put on your property on the market, in order to sell it or call a qualified appraisor to give you a more detailed info on the value of your home.
I hope this will help to clarify your question. If you have any other question or would like to talk to a realtor, please feel free to call me or email me at your convenience.
Cell (650) 619-3379
Email: zoeytolu@hotmail.com