How accurate is zillow.com?

Question

If someone is selling their house, can they expect to get that price that zillow.com says the house is worth?

Answer 1

None of the online sites are very accurate. Zillow can't seem to get past the fact that I paid cash for my house, and is still showing the EXACT figure of the foreclosure from the previous owner. My neighbor paid 1/2 cash and financed the other 1/2 of her house. Zillow "values" her house at the EXACT amount of her loan.

I have seen other websites like Zillow that think my house is 30 years older than it actually is, none of them have the square footage correct (or are even close).

When I put my house on the market last year I had the Realtor come up with a selling price based on what similar homes in my immediate area had sold for in the last 45 days. It took almost an hour of comparing features, locations, etc. to come up with a price. Mine sold within $4000 of the list price.

Answer 2

My experience tells me they are way off. However, i think it depends on the type of housing you are valuating. I have a brokers license, appraisal license and builders license. I just sold a spec house for $805,000 and zillow told me $385K. I'm sure this is because the street has waterfront properties and non waterfront properties. It obviously could not differentiate between the two.

If you are in a sub-division with similar size dwellings and similar valued lots then I think it would be more accurate. Less variation would cause their models to be more accurate.

I would use their info and confirm the sales with the tax office. Use common sense to see if the sales are the same as your house. If they are then you should expect to get that price if it is properly marketed.

Answer 3

As I have said a million times, zillow is worthless. They have no idea of the condition of any of the homes. They are basing their info on tax records. In most areas of the country they actually use the TAX APPRAISAL as their value! If all of the people that are convinced zillow is the be all and end all of real estate values would just think about it. Has zillow had a representative contact you to view or discuss the condition of your home????? Of course, not. Then why would anyone take their figures seriously.

Answer 4

Zillow uses the selling price of recent home sales in your area, your most current filed appraisal and the general property value in your neighborhood as a guage to estimate your home's worth. Also, I have a friend that is a mortgage broker and he uses Zillow and has found that they are about 90% accurate.

Answer 5

With zioolow.com you need to add 10 - 15 percent to the home value's. Have found that zillow is not accurate, but it does give one an idea of values. Good luck

Answer 6

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Answer 7

as an independent real estate appraiser i am sick of these so called valuation sites. they are way above or below value in every case. we are worth every dime spent for an appraisal. there are way to many variables to consider before you derive at an estimate of market value. just because your neighbor got x for their home dosent mean yours is worth the same.

Answer 8

I would say with in 5-10% in most cases.

Answer 9

zillow is laughably inaccurate.

My house is on zillow for 200k MORE than it appraised at.