Zillow.com’s “Zestimates” of home values are vastly inflated, according to a new study by the Appraisal Institute, published in its quarterly journal (see the complete study below). The study compares Zillow.com’s home values with the actual sale prices of 2,045 single-family homes in 2006 in Arlington, Texas — the market where Zillow.com claims to have its highest accuracy rating. Zillow.com was off by an average of 11.7 percent, or $13,576 above the actual sale price, with 40 percent of property values inflated by more than 10 percent, the study shows. Meanwhile, only 0.88 percent of values were underestimated by 10 percent or more. In a statement provided to The Real Deal, Zillow.com called the study “out of date and limited in scope,” noting that the study compares sales from 2006 and Zestimates from January and February 2007: “apples and oranges as it’s two separate periods of time,” the statement says. TRD
Appraisal Journal: Zillow’s Estimates of Single-Family Housing Values
How accurate are Zillow.com’s “Zestimates”?
March 09, 2010 03:57PM
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March 10, 2010 at 10:53 pm, Anonymous said:
Zillow is not accurate. I am a Realtor in Ft Lauderdale Fla.Example, I live in an over 55 age restricted communityZ.ilow has know way of knowing that it is an over 55 community. The prices that zillow reflects cannot take that into account….Therefore, the prices are lower here for that restriction…The best way to know is to contact a Realtor in your area…There is no obligation.
March 10, 2010 at 11:26 pm, Anonymous said:
http://www.realaccuratehomevalues.com is the only accurate site out there. Yes it does cost $39 but you get what you pay for.
March 09, 2010 at 4:14 pm, Anonymous said:
I don’t believe I know a single broker in NYC who uses Zillow or Trulia. They are not designed for urban areas. They are designed for places like Kalamazoo, Michigan.
March 09, 2010 at 4:31 pm, Anonymous said:
They are waaaay off in the Hamptons- they must think like the realtors there- way overpriced.
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March 09, 2010 at 5:06 pm, Anonymous said:
I used them once and they valued a condo at something like 500k less than the one above on the same time frame, it was ludicrous, a complete waste of time. I e-mailed their custoemr service group about it and never got an acknowledgemtn, much less an explanantion.
March 09, 2010 at 5:59 pm, Anonymous said:
I’ve heard they are off by 10%.
CyberHomes.com seems to be more accurate.
March 10, 2010 at 6:55 am, Anonymous said:
zillow doesn’t apply to real markets. That’s a fact.
April 08, 2010 at 2:29 pm, Tony Kasunic said:
Zillow should be shutdown. The website misleads buyers and sellers by providing inaccurate information. As a Realtor in the Las Vegas market that sells homes anywhere from 50,000 to 200,000 to 500,000 and above I find Zillow makes my job more difficult because clients have already created mis-informed opinions based on the unreliable data from Zillow. It is then my job through actual market research and finding relevant comparable properties in the area to educate my client on the true price of homes that are not just for sale, but actually closing near their location.