Zillow Zestimate Accuracy:
Question: My name is Richard Brenson, I have property in California which I wanted to sell off. I have gone through many websites like which provides valuation online but each website gives me different estimates. Zillow gives me some good value as I was expecting but after checking the reviews online, I little bit skeptical about its accuracy. I wanted to know how it works and where do they get data and is the data accurate?
How much is my home worth? Is Zillow Home Value Estimates as accurate as it is touted to be? Most would prefer to swim with the tide and vouch for it. There is a small but growing section that won’t bet their money of Zillow Home Values. Let’s find out why it has kicked up some controversy.
The simple reason is it can be misleading at times. And what’s added to the confusion is people’s belief in its projections as gospel truth. The fact of the matter is: Zillow Zestimates can be accurate in some cases and way off the mark in others. It can be accurate in neighborhoods with good turnover, i.e. where there is overflowing information about home sales. But in less frequented areas it comes a cropper. And that’s because in this area homes haven’t changed hands for a couple of decades and so the depreciation tag sticks faster than other homes.
To be fair, Zestimates is candid about this. For instance, it admits in the D.C. metro area, almost three-quarters of the Zestimates have gone right because of the heavy availability of data. When data keep trickling instead of flowing, getting close to actual rates can get tricky. Can we have any algorithm that can compute accuracy with less data? So, faulting Zillow Home Value Index defies logic.
So the moral of the story is don’t be taken up by Zillow Home Value Estimate figures especially if the home is not nestled in a large development. The safe out is to some comparable sales. And the smartest way is to add or subtract of value for features that aren’t in keeping with the property.
Who can get the best value?
Off course, as discussed, people who would love to get value ideas about large developments can gain the most. And most importantly people relocating to different areas can get an estimate of where they are heading for value wise.
All said and done, these don’t take away the usefulness of Zillow Zestimate to the property seeker/seller. Interesting facts like number of homes for sale, prices movements, days on market, recent sales, makes this a matchless tool to count upon.
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