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I know in the Chicago area they are only as accurate as the tax assessments and that you can't trust them. However, it is a good place to start and use the actual data to determine if it is close or not. I also know some areas are completely bogus for lack of information. And of course they don't reflect the condition of the property. But, in general, how are Zillow zestimates for the Denver area.
As already mentioned, Zillow doesn't work very well here unless you think 20% low is close enough.
The computer algorithm appears not to to consider such factors as contiguous neighborhoods. It will take sold comparables from across busy streets in totally different neighborhoods. It does not adjust for quality. It does not adjust for different builders and custom homes. And, it does not adjust for upgrades and updates.
The problem for us Realtors is to convince buyers and sellers that there is a better way to do it. The human way.
Drew from Zillow here. Zillow posts updated accuracy numbers for every county we cover at the link below, which can be found by clicking “About Zestimate values and accuracy” at the bottom of any page on Zillow. We continually test our accuracy against actual transactions, and update these accuracy statistics here.
I agree with Leslie; I don't much care ofr Zillow. It is definiitely worth the time and energy to do a CMA, taking into account all that makes up a particular property and comparing it to the comps and solds, so that an accurate assesment of a properties value can be determined.
Chuck Strauss
720-318-7598
CStrauss@kw.com
Ruth,
I think that they are low because it is only looking at the stats for the area. It doesn't take into account for upgrades/updates or if the property is in a lot better condition. When a buyer decides that they want to write an offer on a property the Realtor SHOULD (some don't) prepare a comprehensive market analysis for the property that adjusts each comp to the subject. In turn this should show what a home is worth. Pricing is the hardest part of our jobs because the value of a home is what a willing and able buyer will pay for it. It is key that the buyer is well aware of what is going on in a particular neighborhood as far as values of the neighborhood. With the help of a great Realtor they should be able to make an informed decision!
If you would like me to find a true value of a home, just contact me!
Leslie Heldenbrand
Broker Associate
720-283-5978
http://www.LeslieHeldenbrand.com
Zillow seems to have less than a 25% accurracy. Checked on 4 properties in an area that has a lot of sales. Two properties Zillowed came up with a value of what they are now listed for and both these properties are on the market well over 230 days. One property on the market did not show up and no estimate was given. One property may be correct, but the photo they showed is the property about 11 years ago with no landscaping when it was newly built. Again best thing to do is have an agent knowledgable about the area you are interested in.
In general Zillow estimates can be atleast a basis for what the home is worth. However, since the estimate does not take in account for upgrades/updates to a home they are known to be on the low side. If you are looking for the best value a property is worth, a local realtor can pull comps surrounding an area and then adjust each comp so that they are compared to the subject, apple to apple.
If you would like me to find a true value of a home, just contact me!
Leslie Heldenbrand
Broker Associate
720-283-5978
http://www.LeslieHeldenbrand.com
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