Is the Zillow "Zestimate" Accurate?"
big problems with the Zillow "Zestimate". I just sold this home for
$180,000. I have another closing coming up where they are $80,000 off
the price we sold the home. My advice if you are in the market (buy or
sell) - Seek professional help!
Check out this excerpt from an article in the LA times:
the researched neighborhood, selling prices and Zestimates of all 21
homes sold that month in the nearby community of Lake Monticello. On 17
sales Zillow overestimated values, including two houses that sold for
61% below the Zestimate.
In Carlsbad, Calif., Jeff Dowler, an
agent with Solutions Real Estate, did a similar analysis on sales in two
ZIP Codes. He found that Zestimates came in below the selling price 70%
of the time, with disparities ranging as high as $70,000. In 25% of the
sales, Zestimates were higher than the contract price. In 95% of the
cases, he said, "Zestimates were wrong. That does not inspire a lot of
confidence, at least not for me." In a second ZIP Code, Dowler found
that 100% of Zestimates were inaccurate and that disparities were as
large as $190,000."
Full Article - LA Time "Zestimate"
line - Look at them as no more than starting points in pricing
discussions with the real authorities on local real estate values —
experienced agents and appraisers. Zestimates are hardly gospel — often
far from it.