(Please reread the title with sarcasm. Good.)
Zillow can guestimate Market value within 20% of the actual sold price between 51 and 88% of the time! Yippee!
What this means is that Zillow can guestimate the market value of a $500,000 home within $100,000 more than 1/2 the time! (It's worth somewhere between $400,000 and $600,000...)
Do you really need a computer to help you guess the market value of a home with that much precision?
And what about the other 12-49% of the time?
To Zillow's credit, it does guestimate the actual market value within 5% of the actual sold price 14 - 41% of the time.
But again, what about the other 59-86% of the time?
(Data tables here.)
(Unfortunately, Salt Lake City, Utah is not one of the metropolitain areas they are disclosing accuracy in.)
If you are moving and buying a home in the Salt Lake City area, make sure you get an Agent on YOUR side of the transaction!
If you have excellent credit and will be buying a $250,000-$750,000 home in the next 30-60 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
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Exclusive Buyer Brokerages do not list homes and never represent Sellers. Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2008 Homebuyer Representation, Inc. - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved
Finally...

Benjamin-That is why I don't like to put my listings on Zillow. It is amazingly inaccurate in areas where there is a lot of new construction.