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