"I took a look on Zillow, and they show an estimated price of $900,000."

Reblogger
Real Estate Agent with House Sale Advisors

This is a great example of just how far off Zillow is. Here in Lancaster County Pa, they seem to be off about 15% most of the time.  Why anyone would even consider using Zillow for anything is beond me.  There are many good sites sponsored by local agents that people have free access to.

Original content by Lottie Kendall CA DRE# 01215160

"I took a look on Zillow, and they show an estimated price of $900,000" 



So began the email from a client who is somewhat interested in purchasing a home in Redwood City, CA, one that is currently listed around $929,950.

The Zillow discussion then ensued. Zillow is a fun site, but buyers, sellers, neighbors -- please remember that even Zillow doesn't claim their "Zestimates" are hard and fast values. There are too many variables that square footage in the area can't address.

  • Have there been updates? Remodeling? Or is it in close to original condition?
  • What is the outlook of the property? Beautiful view or an ugly shack across the way?
  • Do multitudes of utility wires crisscross the property?
  • Does this property fall in the same school zone, as other nearby homes? If not, are the schools comparable?
  • And what about auditory matters? 

And then, I showed him the following Zestimate of a property I listed last February. Zillow thought the house worth about $956,000. The sales price?

Zillow Zestimate of 1925 Belmont, San Carlos CA

$1,207,000! That one was off about 21%

Bottom line: have fun with Zillow, but allow your REALTOR® to prepare for you and explain a comparable market analysis.

--- Just another benefit of living in San Mateo County and the Silicon Valley!

Lottie Kendall, Realtor

Today | Sotheby's International Realty

San Carlos, California, 94070

DRE#01215160; 650-592-0747-direct; Lottie@LottieKendall.com; www.LottieKendall.com


 

Comments (3)

House Sale Advisors Lancaster and Lebanon Counties PA
House Sale Advisors - Quarryville, PA

This is a great example of just how far off Zillow is. Here in Lancaster County Pa, they seem to be off about 15% most of the time.  Why anyone would even consider using Zillow for anything is beond me.  There are many good sites sponsored by local agents that people have free access to.

Sep 19, 2011 06:21 AM
Stuart Simm
MAX Home Inspections - Lakeland, FL
The Home Inspector

Not so much for pricing, but as a home inspector I find Zillow useful for some basic details on year built, square footage and to get an idea of what the place looks like and help prepare me for home I am about to inspect.

 

Sep 19, 2011 06:23 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Gerry -- thanks for the re-blog. We need to work at educating our clients and potential buyers and sellers about sites like Zillow and the value a local professional brings to the table. Anecdotes like the one I used here seems to help.

Best wishes,

Sep 20, 2011 10:47 AM