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Old 05-02-2014, 07:57 PM
 
529 posts, read 750,592 times
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How accurate is Zillow's estimate? Would you use that estimate before you make an offer to buy a house?

Especially the house which I like very much hasn't gone through any upgrades or renovation as its pretty much a new home (just 6 year old).

Its on sale, close to $50K over the zestimate.
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Old 05-02-2014, 08:16 PM
 
Location: My beloved Bluegrass
20,126 posts, read 16,152,106 times
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They are all over the place. We paid almost $65,000 less than they said it was worth and our neighbors paid almost $40,000 more than they said it was worth - less than 2 years apart. Take it with a grain of salt.
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Old 05-02-2014, 08:24 PM
 
301 posts, read 691,383 times
Reputation: 164
Quote:
Originally Posted by LuvVA View Post
How accurate is Zillow's estimate? Would you use that estimate before you make an offer to buy a house?

Especially the house which I like very much hasn't gone through any upgrades or renovation as its pretty much a new home (just 6 year old).

Its on sale, close to $50K over the zestimate.
I appreciate the website and what Zillow tries to do, but to answer your question, no I wouldn't pay attention to their estimate.
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Old 05-02-2014, 08:30 PM
 
504 posts, read 1,212,581 times
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Zillow estimate was $45K lower than my old home selling price last year. Its estimate on our new home is about $35K lower than our purchase price...
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Old 05-02-2014, 08:33 PM
 
91 posts, read 111,429 times
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Some years it has said our house is valued at 65k more then reality, other years it's been 25k less then reality. I would take it with a grain of salt.
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Old 05-02-2014, 09:18 PM
 
Location: northern va
1,736 posts, read 2,892,222 times
Reputation: 1688
Inaccurate as can be. Try and forget you even saw that figure.

Look at comparable sold comps. Square footage, both tax record and total, lot size, # of bedrooms etc etc etc
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Old 05-02-2014, 09:27 PM
 
9,878 posts, read 14,120,619 times
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agree with all previous posters I wouldn't trust a Zestimate for anything.
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Old 05-02-2014, 10:12 PM
 
173 posts, read 2,147,878 times
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Quote:
Originally Posted by LuvVA View Post
How accurate is Zillow's estimate? Would you use that estimate before you make an offer to buy a house?
Zillow imposes 106 million Zestimates on homes and 17% are more than 25% inaccurate (source Clarity Consulting) which demonstrates how meaningless Zillow Zestimates are. Statistically there is as much chance that the Zestimate is lower as it might be higher, but generally the incorrect Zestimates that get highlighted are the ones that are on the low side.

What is socially unacceptable is that Zillow refuse ALL requests from homeowners to correct or delete substantially inaccurate Zestimates and as they cannot be trusted to act in a fair minded way towards homeowners it is time that our elected officials caught up with technology and imposed some form of Regulation over AVM sites like Zillow to protect Homeowners from their nonsense. At the minimum there needs to be a DoNotZestimate website that enables homeowners to opt out of Zillows Zestimate BS in the same way as Phone users can opt out of spam phone call by registering with DoNotCall.
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Old 05-03-2014, 06:42 AM
 
529 posts, read 750,592 times
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Thank you all for taking time to respond to my question.
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Old 05-03-2014, 06:55 AM
 
2,189 posts, read 3,316,055 times
Reputation: 1637
The square footage they have is often inaccurate which throws off their whole estimate. Sometimes it includes below grade(basement), sometimes not
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