Valuation of My Home on Zillow
This week while I was door knocking I had a home owner ask me “how accurate is the data on Zillow for evaluation my home”. Here is the official answer from the Zillow website “Nationally, the Zestimate has a median error rate of 8%, which means half of the Zestimates in an area are closer than the error percentage and half are farther off.”
Because Zillow has not seen the homes, the data essentially is based on homes sold in the area that have the same amenities, i.e. bedrooms, baths, square feet. What I also tell people, it is a starting point to provide an idea of home prices in the area. Yet if someone wants an accurate home evaluation, the source is either from a professional appraiser or a real estate agent, as both have access to far more data and are physically previewing the property.
Filed under: General RE Tips
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