Welcome to the WadeCrapo.com Blog

2015-01-29 14:31:00
Are Zillow Home Value Estimates Accurate?

 

 

This is a question that I get asked frequently. The simple answer is no. A Zestimate can give you a rough idea of your home’s value but it’s not something you can rely on if you really want to know what your home is worth. To Zillow’s credit they even encourage people not to just rely solely on the Zestimate when trying to figure out what their home is worth. So how accurate is a Zestimate? On Zillow’s site it says that “Nationally, the Zestimate has a median error rate of 7%, which means half of the Zestimates in an area are closer than the error percentage and half are farther off.” In Utah this error percentage will be even greater. One of the ways Zillow estimates value is pulling public records for home sales data. Utah is a non-disclosure state (meaning the sales price is not public record) so they are not able to pull public records to find out what homes sold for. Our local Multiple Listing Service does not give or sell data to Zillow either. 

 

So what is the best way to know what your home is worth? The best way is ask a local Realtor, who is familiar with your area, to give you a CMA. (Comparative Market Analysis) They can pull recent sold data from the local Multiple Listing Service and take into account the condition of your home compared to other recent sales. Better yet it’s usually done for free!  

 

 

 

 
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2015-03-12 13:53:49
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Are Zillow Home Value Estimates Accurate?

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Real Estate Statistics for Utah and Salt Lake Coun


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