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Old 01-31-2018, 11:36 AM
 
Location: Meggett, SC
9,884 posts, read 8,328,340 times
Reputation: 5576

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When I sold my house last year, it was off by about 50K but we were in a super hot market with bidding wars so I don't really blame them for being off in that case. For the house I bought, it was about 200K higher than our purchase price but funny enough, on our appraisal - the house was worth 200K more than what we bought it for (yes, I did get deal of my life with this house!). So technically, the zillow estimate matched the appraisal in that case.
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Old 02-02-2018, 08:49 AM
 
6,622 posts, read 4,229,490 times
Reputation: 11590
Quote:
Originally Posted by redguard57 View Post
For my property, it was was about 5% higher than the sale price. ...
Quote:
Originally Posted by jghorton View Post
Frankly, if a Zillow estimate is 5-percent higher than what you actually sold the property for, it's served it's intended purpose. ...
I'd opine that +-5% is fantastic accuracy!

Two data points: first, a house that I sold several years ago... generic and nondescript neighborhood, in an otherwise thriving market. House much akin to neighboring houses... a bit worn, but with recent cosmetic updates. Sold for about 10% below the Zestimate. I consider that to be tolerably accurate.

Second, my current house. The Zestimate shows slight (but still invigorating) price-appreciation since I bought the place. I totally disbelieve this. If I could sell the house for 50% of the Zestimate, I'd consider it to be a disappointment, but acceptable. If I could sell for 70% of the Zestimate, I'd be ecstatic! This BTW is in a rural area, where neighboring properties can differ by a factor of 3 (or more) in price, and where turnover is low. Most of my neighbors have been here for decades... and when I say "decades", I mean the better part of a century.
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Old 02-02-2018, 09:09 AM
 
Location: Danbury CT covering all of Fairfield County
2,160 posts, read 5,681,982 times
Reputation: 928
One listing I recently sold, Zillow valued that home for close to 20% less. This is in a stable market
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Old 02-02-2018, 10:40 PM
 
286 posts, read 208,546 times
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If you live in a new-ish suburban development with an HOA where there are 4 floorplans and 4 elevations but all the houses are generally about the same size/niceness, then the "zestimate" is pretty accurate.

If you live in an older neighborhood without cookie-cutter houses it can't be accurate. My house was built in 1931 but we renovated the whole thing: new electric, new plumbing, sesimic retrofit, etc. The house next door has had none of that done. But because both houses were built in the 1930s and both are brick tudors, and they've both about the same sq ft, zillow gives us a pretty similar "zestimate" but if both houses were on the market at the same time we'd get a lot more for ours since everything has been updated to modern standards. Zillow can't know that.
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Old 02-03-2018, 11:04 AM
 
Location: NYPD"s 30th Precinct
2,409 posts, read 4,113,335 times
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I think the accuracy of the Zestimates vary by region. They don't seem too far off where I am. We bought our house for less than 1% difference in what Zillow estimated. You can also look at recent sales in your area and see how they compare to the Zestimate. I'm sure they're wildly different in plenty of places, but they're fairly close here, assuming there isn't something goofy going on with the house.
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Old 02-06-2018, 02:57 PM
 
2,413 posts, read 1,151,034 times
Reputation: 2078
Seattle area: We were buyers, Summer 2017 and 2018. Z underestimated. Seattle is not a normal or typical US market. Our Seattle RE agent tries to get a handle on fair value but she admits its just a guess: SFH and Condos expect a bid auction. New Builds at Ask price of slightly above Ask. We have bought 4 properties through this agent.

MidValley Ore: Seller. Z had no estimate for bareland. Our RE agent had problems in coming up with a market value. We ended up starting high and then worked down.
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Old 02-08-2018, 01:21 PM
 
3,636 posts, read 4,365,821 times
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My Zestimate was way off when I bought. It was almost 40k off the appraisal. It's still way off market value.
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Old 02-08-2018, 02:17 PM
 
Location: Raleigh NC
7,395 posts, read 5,792,406 times
Reputation: 6519
it's very interesting PROFESSIONALLY as follows:

I have 4 homes to mention under contract at the moment, where I represent the Buyer:

1. Zestimate about 3% low, house still active, the Zestimate doesn't appear below the asking price.
2. Zest about 3% low, house shows under contract, Zestimate right under price.
3. Zest about right, house under contract, zestimate right there
4. Zillow shows "Off Market" with no record of being for sale, Zest about right.


So, among the other cautionary tales - Sellers should definitely ask their agents "Will my house be on Zillow?" Because they don't all make it there - I've seen Zillow not catch houses that were listed on our MLS.
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Old 02-08-2018, 03:23 PM
 
Location: Cary, NC
31,021 posts, read 54,282,453 times
Reputation: 29520
Quote:
Originally Posted by BoBromhal View Post
it's very interesting PROFESSIONALLY as follows:

I have 4 homes to mention under contract at the moment, where I represent the Buyer:

1. Zestimate about 3% low, house still active, the Zestimate doesn't appear below the asking price.
2. Zest about 3% low, house shows under contract, Zestimate right under price.
3. Zest about right, house under contract, zestimate right there
4. Zillow shows "Off Market" with no record of being for sale, Zest about right.


So, among the other cautionary tales - Sellers should definitely ask their agents "Will my house be on Zillow?" Because they don't all make it there - I've seen Zillow not catch houses that were listed on our MLS.
Only about 50% of agent members of TMLS allow their listings to go to Zillow.

Buyers should be extremely skeptical regarding the comprehensiveness of inventory they think they are seeing on Z.
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