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How reliable is Zillow estimate as a tool to determine a fair market value?

I've been tracking the Zillow zestimate as a market reference for our house, but I've noticed a steep decline in value, especially during the last month. So, I'm wondering what are the market trends in my area as well as the parameters that Zillow applies in order to estimate the value of a property and how accurate it is as a tool to do so...  
  • Question refers to 4972 W Calle Don Alberto, Tucson, AZ 85757
  • December 10 2009
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Answers (3)

Pretty close. Local realtors will also be able to obtain a list of homes sold in the area so you can compare prices. Good luck.
  • August 23 2010
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Pretty darn close in most situations and as a real estate investor, I will not ever pay OVER a ZESTIMATE Amount.
  • August 22 2010
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HI,
Under the Local Info Tab, you'll find information about your area.

http://www.zillow.com/local-info/AZ-Drexel-Heights-home-value/r_111869/

About Zestimates:

For your homes zestimate, we consider a lot of things; core home facts, tax assessments, past sales, and general sales in the neighborhood. We estimate each home separately, and do not compare your home to other homes. This is one of the main reasons, we say the zestimate is not a true appraisal, and is only a starting point. Also, our zestimates are only as good as the information we have. Some areas in general are better than others because we have more information for each home in those areas.


More on zestimates here: http://www.zillow.com/wikipages/What-is-a-Zestiate/
  • December 10 2009
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