There's no mystery that Zillow has had their fair share of challenges when attempting to accurately provide real estate estimates for Naples, Florida real estate. But before anyone gets too excited, this is not a Zillow bashing post...just an update. Besides, I'd like to give a special high five to that Zillow representative who admittedly said they had been faced with the challenge down here. It was quite some time ago and they explained that they were "working on it" so I thought I would double check again to see what has improved especially since I recently wrote an offer with a very tech savvy buyer who tried to use Zillow as a point of reference. After explaining what I knew she quickly changed direction and successfully put an Old Naples condo under contract....yaeee for her!
So back to the latest comparison. What I did was pulled 3 closed sales today in our local MLS. I cross referenced the sales price and then pulled the addresses up on Zillow. Here's what I found:
Difference between reality and Zillow= $386,000
Difference between reality and Zillow = $616,500
8463 Abbington Circle #1021 - Crescent at Pelican Bay - Listed for $699,000, Sold for $600,000. It was on the market since last August with two price reductions. 17 days from 2nd price reduction in went under contract....and just as a coincidence...it was listed and sold by John R. Wood Inc. REALTORS...no kidding! Zillow says, $731,000...again, this neighborhood has remained the same in value for the last 24 months.
Difference between reality and Zillow = $131,000....we're getting closer.
From what I understand, Zillow is spot on in areas across the country and there's no doubt in my mind that Zillow Zestimates will get much better here in Naples down the road but as it stands today, your best resource to find out if you're overpaying as a buyer or under-listing as a seller is to contact a Smart Girl to help you know for sure!
Best Regard, Shannon