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Old 01-26-2018, 01:34 PM
 
1,357 posts, read 672,045 times
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Zillow was within 3% on the house I helped my parents sell last year. The HVAC was 23 years old.A new one would have put it within 1%.
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Old 01-27-2018, 02:14 AM
 
8,086 posts, read 4,829,574 times
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I remember there was one time I checked zillow and saw that my property was estimated at $2.4 millions which was at least half a million higher than market value. My girlfriend couldn't stop laughing, "Yeah honey, you wish!"

My neighbor's property is the exact same floor plan, built, year, and lot size as mine. It was zestimated at $1.6 millions. But because I was awesome, my house was worth $800k more than my neighbor's.

The very next day, I checked again and this time it showed me my property was estimated at $2.15 millions! In the course of a day, I lost $250k!!! While my neighbor gained $300k to $1.9 millions.

Then the third day, it showed my property as $2.6 millions and my neighbor's at $1.8 millions.

At this point, I realize zillow's approach to zestimate is not unlike my approach to a calculus test - if I throw enough numbers out there, a few have got to be right.

.
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Old 01-27-2018, 08:31 AM
 
3,403 posts, read 1,620,928 times
Reputation: 5464
It varied so much I consider it next to useless. During the listing period, it ranged from below to above selling price, going up and down many times. At various times the Zestimate was anything from $25,000 lower than sold price, to $50,000 above. This is just what I saw, not necessarily the full range that they might have placed on it, since I wasn’t watching daily.

There were very few comps in our case.

If buying instead of selling, I would not put much stock in Zestimates, either.
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Old 01-27-2018, 08:29 PM
Status: "Feel free to PM me, I'm here to help!" (set 23 days ago)
 
Location: Boise, Idaho
704 posts, read 473,962 times
Reputation: 639
If you go to Zillow's website, on the bottom of their website, you can click on "ZESTIMATES". On the page that opens, click on "How Accurate is the Zestimate?" Then scroll down below their table to click on their link to download an Excel spreadsheet showing how close they think they are by state or SMSA.

For example, I live in Idaho and we are a non-disclosure state, so they admit they don't have enough data to give them ANY stars on their 5 star rating system.

If they were accurate, they would be ZACCURATES, NOT ZESTIMATES (grin).
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Old 01-27-2018, 08:38 PM
 
Location: Saint John, IN
9,442 posts, read 2,564,911 times
Reputation: 10592
I our area a Zillow estimate is no where near accurate!
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Old 01-28-2018, 02:05 AM
 
Location: Southwestern OH
245 posts, read 136,733 times
Reputation: 503
When we sold our MD townhouse, the Zestimate was accurate to within 2% of the price it sold for. But then, the nature of townhouses is that they're all very similar. Ours had some things others in the area didn't (a one-car garage, gourmet kitchen that I still miss a little), while it didn't have things other houses had (a third-story bump-out, hardwood throughout the middle level instead of just the kitchen, etc). It was newer than some townhouses a few streets over, but our neighborhood was large enough and had a high turnover because of military and government employees, so we had enough comps to keep the older houses from bringing our value down.

That being said, the Zestimates for the houses we looked at in OH were off by at least 5% if not 10% from what we were willing to pay and what we were seeing others pay for similar houses. The houses outside of HOAs (which we avoided like the plague here) are all different enough that it skews the system, I think. It's very much more an individual market. I'm sure it's even worse in areas with larger age disparity in houses.
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Old 01-29-2018, 06:14 AM
 
8,475 posts, read 3,182,408 times
Reputation: 10891
It was spot on when I refinanced.
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Old 01-30-2018, 09:33 AM
 
1,937 posts, read 916,760 times
Reputation: 1564
On the low side. Seattle.
But Seattle area homes are/have been exceeding all growth expectations
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Old 01-31-2018, 10:08 AM
 
133 posts, read 44,636 times
Reputation: 134
Just bought. The appraisal came in at $640k. Our Zestimate was $590k. $50k off, lol
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Old 01-31-2018, 11:09 AM
 
1,937 posts, read 916,760 times
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Quote:
Originally Posted by leastprime View Post
On the low side. Seattle.
But Seattle area homes are/have been exceeding all growth expectations
We were buying
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