Thanks for the email this morning letting me know that the value of my home went up over the past 30 days. But is it really possible to change 7.2% in just a month? And look that that Zestimate range: $183,600 to $261,630. That's kind of a huge spread. I know, I know. I've heard all the Zillow Talk about how real estate agents should use the estimates as a "starting point" in conversations about Zillow, blah blah blah.
But Texas is a non-disclosure state. The only way to find out what something actually sold for is to get it from our MLS. Since you, Zillow, don't have access to the MLS, how are you coming up with your numbers?
All one has to do is look at your accuracy table. You rate yourself as only Fair for the Dallas/Fort Worth area:
- 22% accuracy within 5% of sale price
- 39% accuracy within 10% of sale price
- 63% accuracy within 20% of sale price
- and a median error of 13.9%
If you read the fine print, it defines median error: Half of the estimates in an area were closer than the error percentage and half were farther off. That mean that in Dallas/Fort Worth, estimates for half of the homes are within 13.9% of the selling price, and half are off by more than 13.9%.
But I think you're WAY off, Zillow. Let me ask again. Since you don't have access to sold data in MLS, how the heck do you know how far you're off?