CAN YOU TRUST ZILLOW'S HOME PRICE ZESTIMATE? IN A WORD: NO.

By
Real Estate Agent with HomeSmart Realty FA100038258

Great article about Zillow, and their Zestimates! Buyer/Seller beware! Consult a real estate professional before making any decisions about buying or selling a home. Don't rely on these sites that offer instant access to not only a properties value (for sellers) but also on the availability of homes (for buyers). Be informed!

Here is a preview of the article .. 

Realty Times - "Shoppers, sellers and buyers routinely quote Zestimates to realty agents - and to one another - as gauges of market value," said the Los Angeles Times. "If a house for sale has a Zestimate of $350,000, a buyer might challenge the sellers' list price of $425,000. Or a seller might demand to know from potential listing brokers why they say a property should sell for just $595,000 when Zillow has it at $685,000. Disparities like these are daily occurrences and, in the words of one realty agent who posted on the industry blog ActiveRain, they are ‘the bane of my existence.'" Read more at Realty Times

 

For more information on buying, selling, or renting to own, please visit the websites at www.MyCORealtor.comwww.RentToOwnDenverHomes.com, www.cospringsrenttoown.com, and www.ftcollinsrenttoown.com

Comments (5)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Bryon Self NO...you cannot trust anything said by Z... I never write out that name....

Feb 16, 2017 08:33 AM
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Big Z has caused many problems, because some take the info on Z as gospel truth.

Mar 20, 2017 05:54 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Many REALTORS® or just like a Zestimate so why single them out? If a property sells for within 96% of the last listed price and there has been a 10% overall reduction in price before that then that assessment of value is no different than the margin of error for the Zestimate. All AVMs are that way.

Mar 20, 2017 07:12 AM
Cheryl Dukes . . . . . Intown Atlanta
Solid Source Realty, Inc. - Atlanta, GA

"Z" just about always gets the price point incorrect. But so many buyers trust "Z", that I just love it when "Z"'s zestimates are higher than my list price.

Mar 20, 2017 08:51 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Information from the sites like Z. is based on a limited set of facts about a house, such as square footage an number of rooms. However, those AVMs may miss important factors, like  a desirable school district, view, noisy street exposure, privacy, etc. You have to compare the subject property to identical or similar and make all proper adjustments since rarely properties are the same( condition, location, layout, sqft, etc.)

Nov 04, 2017 10:56 PM