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Old 09-24-2015, 05:20 PM
 
Location: Omaha, Nebraska
10,348 posts, read 7,936,317 times
Reputation: 27742

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Quote:
Originally Posted by KathrynAragon View Post
You are not kidding.

Last year we sold a home and moved to another market. The home we sold was "valued" on Zillow for nearly $100,000 less than it's actual value, and actual sale price! I would occasionally pull up that "listing" on Zillow and just shudder, hoping that potential buyers weren't actually expecting that "zestimate" to be accurate.
I'm scheduled to close on a condo tomorrow. The listing on Zillow (which is still up despite the unit being under contract for nearly a month) shows photos of the condo in its current condition, but lists the sale price from 2014, which is over $100,000 less than I'm paying for the unit. (The condo was badly dated when it was last purchased, and the current seller has basically gutted it and done a complete remodel of the unit, which explains the massive price discrepancy.)

Anyone who relies on Zillow for price data must be nuts!
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Old 09-25-2015, 05:28 AM
 
914 posts, read 1,131,856 times
Reputation: 935
Zillow is infamous for being inaccurate with it's "zestimates." I would say for some markets, it's pretty accurate, and others, not so much. You need to look at comps for true pricing accuracy.
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Old 09-25-2015, 07:40 AM
 
Location: NC
9,350 posts, read 14,010,665 times
Reputation: 20867
hey guys, don't blame the messenger (Zillow). Garbage in = garbage out. Zillow is only as good as the data other sources have available. This includes real estate agent entered data. Observe, but verify.
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Old 09-26-2015, 06:36 AM
 
6,321 posts, read 10,292,130 times
Reputation: 3835
Zillow (like anyone) does have access to some sales data though which of course goes into the zestimates where available. They could probably get more credibility if they did research that involved real data such as sales prices and not fantasy zestimates. Oh well, you get what you pay for (nothing).
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