Kevin Vitali
Zillow is a hugely popular website for home buyers and sellers. But it is not the end all be all of real estate.
One area of concern is the Zillow Zestimate. Unfortunately many home buyer's find this to be the end all be all authority on their homes value. The Zillow Zestimate is just that an estimate and can be wildly inaccurate. In one article below Zillow defends that the median error rate is 6.9%. Which in an analysis I did for Tewksbury MA Real Estate this holds true they were actually undervalued 6-7%. ON AVERAGE But I found it could be off as much as 14%.
A recent Andover MA home for sale sold for 29% below the Zillow Zestimate.
At the end of the day the Zillow Zestimate should not be a tool used to determine a listing price for your home. Zillow uses an algorithm based, as best as I can tell heavily biased towards tax assessment. They also have no context on deficiency in the home or location as well as upgrades that can impact the sale price of your home.
If you want to know what your house will sell for call a local real estate agent and have a Comparable Market Analysis prepared.
Source: http://merrimackvalleymarealestate.com/zillow-home-values-accurate/
Zillow Zestimates accuracy varies according to what city you're in. But over time, Zestimates accuracy has improved.
Zillow defends its Zestimate to the Washington post saying the median error rate is 6.9%. On a 300,000 home that can be a $42,000 swing. And what happens if you don't fall in the median error!
Zillow uses a variety of data to calculate its "Zestimates," but anything from the wrong property details to missing upgrades can make them inaccurate.
Nothing can conjure up strong feelings among REALTORs like the subject of Zestimates! Zestimates are so often wrong, and create false expectations... Karen also points out that Zillow has listing data that is very much outdated.
Realtors are often asked are Zillows home value estimates accurate. The answer is No! Zestimates are not accurate.
How can Zillow accurately value your home if they can't see the interior? Stop relying on Zillow and Trulia! Read more on why Zillow sucks
What you NEED to know about Zillow's Home Values.. Information on what to expect from Zestimates, and other Home Value Estimates!
Zillows home value estimates ("Zestimates"), are they accurate or not? The answer is NO! Zillows "Zestimates" versus recently sold homes in Rochester, NY.
Zillow CEO Spencer Rascoff may have recently given real estate agents a gift: a sure-fire way to show that Zestimates can miss by a mile.
Rascoffs home sold for 60% of the Zillow Zestimate.
All the buzz on Westchester real estate, lifestyles and more…
Ok so we aren't talking about the Zestimate so much but overall what is wrong with Zillow in general. Zillow empowers consumers to think they do not need an agent but a real estate transaction is filled with so many intricacies that can't be solved with a computer algorithm.
Do you use Zillow when searching for a new home? Don't miss this important information that will affect your home search! 4 things abour Zillow and Trulia you didn't know....
Kevin Vitali is an Associate Broker for Real Broker MA LLC in Haverhill MA.
When it comes to working with Massachusetts home buyers and sellers, every sale or purchase provides a unique set of challenges.
He has served the residential real estate community as a full-time agent for over20+ years and brings the experience of 100's of transactions to the next purchase or sale of your home.
Kevin serves: Northeast Massachusetts, Merrimack Valley, North Shore and Metrowest including the following communities and the surrounding area- Amesbury, Andover, Billerica, Burlington, Chelmsford, Dracut, Groveland, Haverhill, Lowell, Melrose, Merrimac, Methuen, Middleton, North Andover, North Reading, Reading, Stoneham Tewksbury, Tyngsborough, Wakefield, Wilmington, Westford
