How accurate are the Zestimates on houses on Zillow.com?

Asked by NervousWreck, Washingtonville, NY Fri Mar 9, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Pacita Dimac…, Agent, Oakland, CA
Fri Mar 9, 2012
BEST ANSWER
The reason they're called Z-estimates is because they are estimates, not actual valuation that an appraiser would do.

There was a Wall Street Journal article in 2007 that addressed this question, and it's mentioned in a Critique
See http://en.wikipedia.org/wiki/Zillow#Critique_of_Zestimate_accuracy

We caution buyers and sellers NOT to use Zillow's zestimate as THE resource when estimating market value/price because the zestimate doesn't factor several things that could make a difference --- for example, improvements and upgrades, expansion (that is not yet recorded), general condition of the property. It's best to work with a realtor or an appraiser who may be able to give you a closer estimate.
2 votes
Tina Lam, Agent, San Jose, CA
Fri Mar 9, 2012
Zillow's own assessment is that their Zestimates are within about 10% of the market price. While that's not worst than a professional guess/appraisal, it's still a big margin of error. In the end, your best bet is to work with an agent who knows your market intimately and can at least price it to within 5% of the market price. Then, you'll just have to let the buyers bid up to the ultimate market price.
Web Reference:  http://www.archershomes.com
1 vote
Gail Gladsto…, Agent, 11743, NY
Sun Mar 11, 2012
Zistimates provides information that badly influences both buyers and sellers. Most of it is old information, most of it is inaccurate information.

zillow should not be allowed to publish.
0 votes
Don Tepper, Agent, Burke, VA
Sat Mar 10, 2012
Not at all accurate, as the othres have noted.

One additional tip-off: Take a look at the nature and focus of the questions posed by buyers, sellers, and owners. Here on Trulia, most deal with how to buy a property, how to sell, how to choose an agent . . . that sort of thing. On Zillow, most are complaints that their Zestimates are too low. Where there's smoke . . . .
0 votes
jose garcia, Agent, Monroe, NY
Fri Mar 9, 2012
You are better off getting yourself a realtor who you can rely on.
0 votes
Fran and Mark…, Agent, Yardley, PA
Fri Mar 9, 2012
Hi jermaine

Go to the bottom of a property page on Zillow, click on the About Zestimates button and you will see how Zillow calculates their results including accuracy ratings for specific cities. For example in NY,NY they claim that in 29.1% of the homes on Zillow their Zestimate was accurate 5% of the time.
The bottom line is it is not and should not be cosidered Gospel for home valuation.

Fran and Mark Redding
Prudential Fox Roach
1010 Stony Hill Road
Yardley PA 19067
215-321-3307 Direct
215-208-7169 Cell
mark@franandmark.com
http://www.franandmark.com
Web Reference:  http://www.franandmark.com
0 votes
Bill Smith, Agent, Monroe, LA
Fri Mar 9, 2012
Hi Jermaine,
Zillow gives estimates based on average home sales. In neighborhoods where there is a large variation of the size, type, style, and year built, zillow will be highly inaccurate. If your looking at townhouses in the same complex, it will be pretty accurate. The realtor you're working with can email you recent comparable sale with pictures so you can get a really good idea of where the banks appraisal will be. If you're not working with a realtor yet or want some free advice from one, please contact me. I live in Continental manor which is right in New Windsor as well.
Thank you,
William Smith
Keller Williams Realty
914-420-1974
http://www.OrangeAndRocklandHomes.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Mar 9, 2012
Don't hust simply rely on any online estimates as some may be inaccurate, nor updated; rather review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there.
0 votes
Alain Picard, Agent, Puyallup, WA
Fri Mar 9, 2012
In my opinion sometimes they are pretty close and other times they are pretty far off.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more