How Accurate are Property Estimate Sites?

What is ZILLOW??

What is a Zestimate?

The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account.  We encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research such as:

    * Getting a Comparative Market Analysis (CMA) from a real estate agent

    * Getting an appraisal from a professional appraiser

    * Visiting the house (whenever possible)

 

 

How Accurate is Zillow?

 

I was working on a new listing this morning. We measured the home yesterday and I was curious as to what the different sites were reporting as value. See below…

 

  • Zillow: 3587sqft 0 bedrooms/ 3.5 baths zestimate $265,500
  • Trulia: 3587sqft 0 bedrooms/ 3.5 baths value $254,000
  • Realtor.com: 3587sqft 0 bedrooms/ 4 baths value $270,214
  • Eppraisal.com: 3587sqft 0 bedrooms/4baths value $278,296
  • County Tax Record: 2286sqft 0 bedrooms/ 0 baths value $272,400
  • Our Measure 3034sqft 3 bedrooms/2.5 baths value $275,000

 

How accurate are any of the evaluation sites for this subject. See for yourself. Of course we were the only ones to ever be in the house and physically measure it. All had the square footage, beds, baths wrong even the county records. As for the values, they ranged from a low of $254,000-$278,296 about a 10% difference. We are putting the house on the market next week and I will let you know what it sells for.

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