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How accurate is a "Zestimate?"

I've heard through word of mouth that a Zestimate isn't very accurate. Can anyone clarify?
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August 01 2010 - Farmington
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Answers (7)

Little know fact, at the very bottom of the Zillow page there is a link that says Zestimates and accuracy. Click on it. By law they have to disclose accuracy. The stats are broken down by sold price verse Zestimate and also by state. Take a look it is interesting to say the least. -Jim Shaffer
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September 23 2010
Sped1,

Good Evening.

That's kind of a loaded question. I think Zillow is great for a "snap shot" of any given property, however, and I am sure you have read this a couple of times, contact a REALTOR, he/she, for free will give you a CMA. Make sure you have as much information (facts/figures) as possible about your home. That way it's as accurate as possible.

Have a BEAUTIFUL night.

-Shawn
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August 25 2010
It is pretty accurate. A local realtor can be more helpful in determining the value of your home.
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August 25 2010
Most estimates that are derived from the various websites are one the low side, in my opinion. If you are determining the value for yourself,hire a no-bligation Realtor to show you the comparables within a 1/2 mile radius for urban areas and 1 mile for rural areas. This is how an appraiser would work.
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August 03 2010

All the other answers so far are good.

Zestimates are a good starting point. Generally, the more conforming the homes in your community are to each other, the more accurate it will be. Zillow has made great strides in improving zestimates. Unfortunately all of the distressed sales currently make them much less accurate.

They will never replace a good Realtor that has personally seen many of the comps, knows the area and which homes are really the most comparable. A good full time active local Realtor can take into account subjective factors such as condition, updates, and subtleties of location. Things like quiet street vs. busy street, view, sunny back yard, as well as negative factors (looks like TV's The Munsters live next door).

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August 01 2010
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check here for yourself. this is a list of some metros and their zestimates' accuracy. to give you a clue, zillow rates a 4 star metro (its best guess) as one where "almost half" are off by less than 10% +/-.
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August 01 2010
Zillow obtains their information from county public records. If there has been a lot of recent home sales in your area, the "Zestimate" can be fairly accurate. But if you have a custom home with expensive and recent updates, the estimate might be on the low side.

If you want a more accurate estimate, you can ask a realtor to perform a comparative market analysis (CMA). Most realtors will perform this service free of charge.
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August 01 2010
 
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