Is the Zestimate an "AS IS" estimate or what the home would be worth after repair?

Is the Zestimate an "AS IS" estimate or what the home would be worth after repair?
  • November 22 2012 - Saint Paul
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Answers (3)

Profile picture for wetdawgs
@Patti:

With CMAs, what percentage are within 5% of the sales price?   10%?  20%?  (in my personal experience selling homes, I've had 0% within 5%, 0% within 10% and 100% within 20%.  Sample size is about 20)

  • December 01 2012
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As Wetdawgs said, the Zestimate is based on public record information and does not reflect the condition of the property or what it would be worth if repaired.  Also Zillow puts out statistics on the accuracy of their Zestimates and for Ramsey County the report dated November 7th shows that 31.0% of the Zestimates in Ramsey County are within 5% of the sale price, 53.1% are within 10% of the sale price, and 77.7% are within 20% of the sale price with a median error rate of 9.0%.  So as you can see from these accuracy rates, it is best to get a "Best Price Analysis" done by a real live REALTOR®.

I hope that helps!

Patti Ann

 

  • November 30 2012
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Profile picture for wetdawgs
"What is a Zestimate?"  describes some background.   It a computer generated number using public facts, and doesn't take into account condition.  More important than the Zestimate in my (non-ZIllow opinion) is the value range.   A rotten house is likely to have a Zestimate considerably higher than the true market value.
  • November 22 2012
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