Profile picture for mark 4447

1st question, are the prices zillow gives on the houses accurate?

2nd question what if two houses that are alike but have diferent options on them the price will differ correct?
  • February 18 - Hanover Park
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Answers (9)

Profile picture for Ed McNally
It never is. The "zestimate" you see is calculated by way of an algorithm based on neighborhood, city, and other factors. If you want an actual home value estimate, contact a local realtor.
 
  • March 27
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Has anyone from Zillow been to your house in person to actually take a look at what it actually looks like, what condition that it's in etc.?  I don't think that they are like the NSA and know every little detail of your life and home. 

  It's just a computer that tries to make sense out of a lot of data.  It's kind of like those computers used to predict the weather.  It sounds really good, sometimes they are spot on but many times they just aren't worth much.
  • March 27
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No, pricing on Zillow is almost never spot on, in my experience.

Different options will typically yield a difference in price. This can also vary based on the location as well. For example, identical homes located on the north and south sides of the city will yield different pricing.

Hope this helps!

  • March 27
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Profile picture for wetdawgs
Zillow gives details of accuracy in their FAQ "Data Coverage and Zestimate Accuracy".   They also address important factors used in calculating the Zestimate in "What is the Zestimate?"  plus the critical importance of their value range (and what it means).

NO Automated valuation model (AVM) number is a replacement for an appraisal, and even an appraisal or a CMA is an opinion of value. 

So, if two homes are identical lay out and have different options the Zestimates will differ using the clues provided by tax assessments and sales prices.   Not very precise, but the best public data will allow.   (See more about upgrades in the second FAQ linked above).


 
  • February 18
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Profile picture for JohnWilt
Call an experienced RE broker for a more accurate estimate.  Zillow is often lower than actual market data.
  • February 18
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Profile picture for Outer Banks N C
The estimates have no idea what options are in your house - how could they know? They are called estimates for a reason, I like the word guess better.
  • February 18
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The "Zestimates" are good to use as a trend line, however, I have seem a great deal of variance on both sides. Best to speak with a seasoned real estate professional, do your own due diligence, and seek the independent opinion of a residential appraiser.
  • February 18
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Usually they are off by more than a normal % because they use a complicated formula and one size does not fit all. They also use3rd party data that is often incomplete/inaccurate/out of date. The good thing is that no one pays any attention to it when writing offers and only owners complain.
  • February 18
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Absolutely not.  Have a local, full time, professional Realtor come out to your property if an accurate price.    
  • February 18
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