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Answers (5)
- Pasadenan
- Contributions:21408
Please see Zillow's published data on this issue:
Data Coverage/Zestimate Accuracy
They compare sold prices to the Zestimate just prior to the sale for most of the areas they provide Zestimates; but in "non-disclosure" states where "Sold" data is not in the county records, they don't provide an "accuracy" calculation. There % accuracy is the median number of percentage off the Zestimate is from the sold prices in that region.
Don't forget to download the data, as that is where you will find the information by county. They are only providing the accuracy for March 3, 2011. It is not clear how far back that goes in sold data for their calculation, but I'm assuming 6 months. Since the method is the same used for 2006 on presently, likely the Zestimate will have a similar relationship to earlier sold data for that time period as well.
Zillow is claiming a median of 11.2% difference for Rhode island, and claims that 6.7% of homes shown on Zillow for Rhode Island do not have Zestimates.
For the counties in Rhode Island:
Kent - 12.9% median difference
Bristol - 9.7% median difference
Newport - 18.9% median difference
Providence - 8.8% median difference
Washington - 13.6% median difference.
In all the counties except Providence, all homes in Rhode Island on Zillow show a Zestimate. In Providence, 13.1% of the homes shown on Zillow do not have a Zestimate.
Data Coverage/Zestimate Accuracy
They compare sold prices to the Zestimate just prior to the sale for most of the areas they provide Zestimates; but in "non-disclosure" states where "Sold" data is not in the county records, they don't provide an "accuracy" calculation. There % accuracy is the median number of percentage off the Zestimate is from the sold prices in that region.
Don't forget to download the data, as that is where you will find the information by county. They are only providing the accuracy for March 3, 2011. It is not clear how far back that goes in sold data for their calculation, but I'm assuming 6 months. Since the method is the same used for 2006 on presently, likely the Zestimate will have a similar relationship to earlier sold data for that time period as well.
Zillow is claiming a median of 11.2% difference for Rhode island, and claims that 6.7% of homes shown on Zillow for Rhode Island do not have Zestimates.
For the counties in Rhode Island:
Kent - 12.9% median difference
Bristol - 9.7% median difference
Newport - 18.9% median difference
Providence - 8.8% median difference
Washington - 13.6% median difference.
In all the counties except Providence, all homes in Rhode Island on Zillow show a Zestimate. In Providence, 13.1% of the homes shown on Zillow do not have a Zestimate.
- Sandy Catanzaro, "sandyconwaycatanzaro"
- Contributions:9
I recently sold a property, and Zillow 's estimate was like 347k.
At that time the property was priced at 250k and no offer's. It is not very accurate at all. It just can not take into account the street, neighborhood, condition of the home, short sale, or forclosure, vacant or occupied.
At that time the property was priced at 250k and no offer's. It is not very accurate at all. It just can not take into account the street, neighborhood, condition of the home, short sale, or forclosure, vacant or occupied.
- Erin Diaz, Broker ~ Owner, "Beaches_Backroads"
- Contributions:232
Zillow simply makes estimates based on the public knowledge of home selling prices in a specific area. A real estate agent with an expertise in the area of teh property you are wishing to sell would be able to giive you an estimated value of your properties market value.
- yfalade
- Contributions:19
Zillow probably uses its own well proven proprietory system to calculate home selling prices. If by historical selling prices you mean prices in the last 3 or 6 months that houses of similar properties. you may need a real estate professional, preferably a real estate appraiser like me who can vouch for the historical figures. Zillow is not obliged to.
- Barbara Nardolillo, "nardolillo"
- Contributions:12
It's Zillow's estimate based on data it's system has collected which is public knowledge. I can't state it's accuracy because every property is different and needs to be compared to houses with similar square footage, rooms, etc. That's the reason a Realtor will do a marketing analysis of your home; taking into account various factors and comparing them to similar homes in a certain geographic area in order to come up with a listing price.
What is the zestimate accuracy in relationship to historical selling prices?
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