Miami Realtors: how accurate do you feel Zillows "Zestimate" is? (sale, condo)

[arekusu]

As the title says, how accurate do you feel Zillows "Zestimate" is when looking at properties?

[Corrie22]

Not accurate at all....their "estimate" is a percentage of the asking price. They consistently get the selling prices wrong, way low, and that drives down their estimate again. Also, obviously they can't take the condition of the house into consideration at all. Then they will turn around and estimate the same exact house, in the same neighborhood, too high..
Use it as a vague ball park figure.....

[Marc Middleton]

Originally Posted by arekusu

As the title says, how accurate do you feel Zillows "Zestimate" is when looking at properties?

Its only good when you are buying a run-of-the-mill condo in a high-rise where they just calculate price/sqft values.

It doesn't take into account home condition, major repairs, etc to differentiate the house. Sometimes is way higher, sometimes its lower.

Heck even the owner of Zillow had his home wrongly priced by ZESTIMATE for like $1ML off or something ...

[ruski]

Originally Posted by Corrie22

Not accurate at all....their "estimate" is a percentage of the asking price. They consistently get the selling prices wrong, way low, and that drives down their estimate again. Also, obviously they can't take the condition of the house into consideration at all. Then they will turn around and estimate the same exact house, in the same neighborhood, too high..
Use it as a vague ball park figure.....

Zillow is not linked to MLS and does not have true data in many cases.

[TirantMartorell]

It's not on point, but I would say it's somewhat accurate in most cases. Someone above said that it doesn't take into account home condition, major repairs, etc to differentiate the house - this is true, but if you've ever had your house appraised, you'd realize that an appraiser will also do the same. The sq ft., number of baths, beds, whether you have a pool and lot size will be 90% the price. Repairs help you on the margins and will make your house sell faster, but won't actually make your house worth THAT much more than your neighbor if the sq ft, baths, bed, etc are the same.

[AnnRyan]

Originally Posted by TirantMartorell

It's not on point, but I would say it's somewhat accurate in most cases. Someone above said that it doesn't take into account home condition, major repairs, etc to differentiate the house - this is true, but if you've ever had your house appraised, you'd realize that an appraiser will also do the same. The sq ft., number of baths, beds, whether you have a pool and lot size will be 90% the price. Repairs help you on the margins and will make your house sell faster, but won't actually make your house worth THAT much more than your neighbor if the sq ft, baths, bed, etc are the same.

As anyone who has seen enough homes in Miami knows,there's a huge range of property conditions. From extensively renovated with updated systems to the places so bad you can't imagine how anyone can live in there.

Until Zillow develops eyes, ears, and a nose, I'm not worried about job security for realtors.

[WrongStreet]

Zillow's values are off in most cases, especially single-family homes, but it can give you a general idea. I think Redfin gives more accurate estimates.

[ruski]

Redfin is better for sure.

Although recently Zillow has been improving. Not in the price estimation, but actually in regard to what's available and what's not. Used to be, clients would send me a list of 50 properties from Zillow to check on, and more than half of them were not available anymore, or were never available. It was a huge waste of time to sift through that.

[Marc Middleton]

Originally Posted by ruski

Redfin is better for sure.

Although recently Zillow has been improving. Not in the price estimation, but actually in regard to what's available and what's not. Used to be, clients would send me a list of 50 properties from Zillow to check on, and more than half of them were not available anymore, or were never available. It was a huge waste of time to sift through that.

Yeah it was taking forever to show Pending Sale listings on Zillow and since Miami/Broward has BACKUP status, it would still show active on all the sites.

[bmw335xi]

Redfin.com is a lot more accurate than Zillow. Zillow’s zestimate is bad. It says a house I recently bought for $535k is worth $1.1 million, which I wish, but it’s not. Redfin has always been the more accurate one.