How accurate are the home value estimates on Zillow?

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November 02 2010 - Pleasanton
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Answers (9)

Profile picture for SoCal Engr
In areas where there are plenty of good comparables (typically newer construction, higher density, etc.), the Zestimate can be quite accurate. The Zestimate on my house has, historically, been +/- 3% to the appraisal when I have refi'd.

However, other areas can be off by 30% or more.

So, as with many things, it's "buyer beware" and due diligence.
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June 15 2013
I've always found Zillow estimates to be low.  It is best to talk to a Realtor in that area and he or she can run some comps and show you exactly what has sold and at what price...

Tom Duggan IV
Alain Pinel Realtors
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June 15 2013
A "zestimate" is just that, a estimate.  It is by no means a true indication of the home's value, a REALTOR should be able to give you a much better indication by a CMA for you. 

Thanks and good luck!
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October 24 2012
Profile picture for wetdawgs
Ooooh, I'd love to know how psychic appraisers work!

I wonder if they work backwards in time by two years, while they are at it?
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October 24 2012
around iowa not very.
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October 24 2012
Unfortunately, they're not as reliable as most buyer's and sellers think.  The "Zestimate" takes comparables from public records, sales data on paper. Without an actual  appraiser psychically going out to the property and making the upward and downward adjustments for location, views, upgrades, and property condition, the "Zestimate" cannot give an accurate value of a home.  
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October 24 2012
Profile picture for xoxo8888

Zillow zestimates in my opinion are useless.  I work closely with my realtor and have comparable sales in the areas i am investing and then i make a decision after scouring the area and my own research.  

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August 12 2012
Unfortunately, Zillow does not take into account what upgrades were made to the home and location in the neighborhood or lot sizes, etc.  You are better off getting an estimate from an excellent agent in your area !
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November 03 2010
Here is a link
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November 02 2010
 
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