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Zillow Zestimates
Posted on 11/19/19 at 8:45 am
Posted on 11/19/19 at 8:45 am
How does Zillow get its monetary figure for its Zestimates? I'm sure it's a complex algorithm, but are they fairly accurate? Do they look at comparable homes in the area? Comparable homes in that certain zip code? Recent sale price of the home? Also, how often does the Zestimate fluctuate?
I'm currently looking at a property and the Zestimate appears to be too high for the home/area overall. That said, it is a transient neighborhood, and a few homes on the street have been flipped (or bulldozed and rebuilt with new construction) for moderate, to higher-end prices ($400,000-$650,0000).
I'm currently looking at a property and the Zestimate appears to be too high for the home/area overall. That said, it is a transient neighborhood, and a few homes on the street have been flipped (or bulldozed and rebuilt with new construction) for moderate, to higher-end prices ($400,000-$650,0000).
This post was edited on 11/19/19 at 8:47 am
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Posted on 11/19/19 at 8:54 am to LSUbase13
AFAIK they haven't released their exact method but have either said or it's generally inferred that they're basing it off of comps, sales history for the property and sales history of the comps, and tracking the percentage change in sale prices over time to come up with the zestimate.
I'm not in the business but just as a random schmuck using the site I look at the zestimate as being a plus or minus 10% ballpark figure. It's going to be fairly accurate for established neighborhoods with alot of comps and sales histories, but fairly inaccurate in other situations (like in your example of an area where houses are being bulldozed and rebuilt on a higher end).
I'm not in the business but just as a random schmuck using the site I look at the zestimate as being a plus or minus 10% ballpark figure. It's going to be fairly accurate for established neighborhoods with alot of comps and sales histories, but fairly inaccurate in other situations (like in your example of an area where houses are being bulldozed and rebuilt on a higher end).
Posted on 11/19/19 at 9:36 am to LSUbase13
Zillow is not entirely accurate / better to know your local market than to rely on Zillow for sure.
Posted on 11/19/19 at 9:48 am to LSUbase13
My home's Zillow estimate has fluctuated across a $60,000 range just since July.
Realtor.com estimates my home's value at 8% higher than Zillow, but the value on their site has fluctuated across a $35,000 range since July.
I don't take either of them to be very scientific.
Realtor.com estimates my home's value at 8% higher than Zillow, but the value on their site has fluctuated across a $35,000 range since July.
I don't take either of them to be very scientific.
Posted on 11/19/19 at 10:11 am to LSU
quote:
I don't take either of them to be very scientific.
This. A better way to get an idea is to go on realtor or any site that has the capability and view recent sales of homes. Compare all comps including size, upgrades, etc. Most of the time I've noticed once a sale is finalized the sale price is typically correct, but that's not 100 percent.
Posted on 11/19/19 at 10:23 am to LSUbase13
I don't know how it is calculated but for my neighborhood, it is within $5-10k.
Posted on 11/19/19 at 10:48 am to notsince98
Zillow is 30-40k off on my house and I don't live in a mcmansion 
Again, don't trust zestimates. Do your own research.
Again, don't trust zestimates. Do your own research.Posted on 11/19/19 at 1:17 pm to LSUbase13
My home price jumped about 12% when the lady two houses down sold hers. So I think they use comps.
Posted on 11/19/19 at 2:05 pm to LSUbase13
They have to be using comps, but they might be using comps from a wider geographic area. So it may be over estimating on a certain neighborhoods because it happens to be close enough for Zillow to be looking at comps from a nicer neighborhood a mile or 2 away.
You can select the yellow "Sold" icon on the drop down at the top of Zillow's page to see what some recent sales around there went for so you can compare actual sales to the property you're looking at.
You can select the yellow "Sold" icon on the drop down at the top of Zillow's page to see what some recent sales around there went for so you can compare actual sales to the property you're looking at.
Posted on 11/20/19 at 7:22 am to LSUbase13
I almost exclusively use Redfin now.
You can create your own value estimate by selecting nearby comps. They will still give you their figure. I usually find that both are inflated somewhat.
You can create your own value estimate by selecting nearby comps. They will still give you their figure. I usually find that both are inflated somewhat.
Posted on 11/20/19 at 8:15 am to seawolf06
quote:
I almost exclusively use Redfin now.
The zestimate for my home is what I think is in a reasonable but conservative range. Redfin has it 20% higher which I doubt I can sell it for realistically.
You can create comps on Zillow too
This post was edited on 11/20/19 at 8:17 am
Posted on 11/20/19 at 9:18 am to LSUbase13
Mine seems pretty reasonable. It's showing that my Zestimate is around what I paid for my house 2.5 years ago. Zillow, Trulia, and Epraisal all have my home within roughly 1% of what I paid for it. Which I assume is roughly correct, as the RE market hasn't grown much around here in that time. I'll see a more accurate estimate very soon, as a house 2 over from mine is pending sale and has very similar specs to my house.
Posted on 11/20/19 at 10:46 am to LSUbase13
quote:
Zillow Zestimates
Take them with a grain of zalt.
Posted on 11/20/19 at 7:08 pm to LSUbase13
Zillow uses comps. But that term is loose. They are geographic comps (maybe totally different age, style, quality).
Zillow changes almost daily. It picks up on trends and spreads those to their entire database. You could get a number $10k higher a week from now. $15k lower 2 weeks from now.
The best thing that zillow is good for is showing trends. It can tell you the relative growth in your area. But there are a lot of other resources that can give you the same things.
Zillow changes almost daily. It picks up on trends and spreads those to their entire database. You could get a number $10k higher a week from now. $15k lower 2 weeks from now.
The best thing that zillow is good for is showing trends. It can tell you the relative growth in your area. But there are a lot of other resources that can give you the same things.
This post was edited on 11/20/19 at 7:09 pm
Posted on 11/26/19 at 5:55 am to LSUbase13
In my hood Zillow is usually pretty close to the asking/sale price. I’d say from what I see it’s about 5%.
Posted on 11/26/19 at 8:46 am to LSUbase13
Not accurate.
Make sure your realtor removes the ability of any 3rd part website to make estimates.
Make sure your realtor removes the ability of any 3rd part website to make estimates.
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