How do you determine the Zestimate? How do you make such a guess without seeing the home?

 I think your prices are often way out of line & discourage buyers from even looing at homes if you r price is not close to the asking price.
  • November 13 2013 - Arnold
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Answers (5)

Zillow provides a valuable opinion and overview of what homes on average may sell for....;
but it should not be relied upon as final word of value by anyone... it is not an appraisal service...

I dont know why there is this perception that Buyers rely on the Zestimate in choosing what to see and buy....... as the Buyers I work with do not !... they may look at all the public information available on line... but once they see any home in person and see other homes to compare ...they make their own opinion based upon the actual conditions of homes and other factors... buyers are not choosing what homes to see or not see based upon a Zestimate in my findings... they are much more informed than that... and typically buyers are choosing to use Realtors to select the homes to see based on their loan requirements and their criteria in a home they desire...  Realtors do not use Zestimates solely to choose what homes to show... in my experience !   Please sellers, do not think Zillow is relied upon that heavily by buyers... it just is not !   
  • November 14 2013
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Profile picture for wetdawgs
Many people agree with you, but the courts have decided that Zillow has the right to have an opinion (just as you have the right to have an opinion).   Missouri is a non-disclosure state (something you should make clear to your clients) so the information on sales prices is held by a private club.  This is not to the benefit of the public, IMHO, so communicate with your state politicians on getting this changed.

Zillow provides an FAQ on "Data Coverage and Zestimate accuracy",   "What is a Zestimate?" as well as terms of use.  There are more details on using Zillow in their help center.
  • November 13 2013
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within 20 % , 80 % of the time is not acceptable. buyers don't know this & it if causes them to make a judgement on whether or not to look at a home or not then it is doing an injustice toi eh market. if they can not be more accurate than that then they shold not post such figures.
  • November 13 2013
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Zillow's goal is to be within 20% of the true value 80% of the time.  Once that is understood, the system makes sense.  It's not the same thing as an appraisal or a market analysis by a good real estate licensee or Realtor.  It's a very, very rough ballpark only.  
  • November 13 2013
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I totally agree. Zillow is notorious for having inaccurate values for homes. I tell my clients to NEVER rely in info they find on Zillow.
  • November 13 2013
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