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Updated over 7 years ago on . Most recent reply
Zillow estimate accuracy
I know that Zillow estimate are not extremely accurate, but i am curious if it could be a quick way to see if property Could be a good deal. With flippers and Brrrr investors how close is it after you refinance or sell from that estimate?
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This will vary widely from market to market, depending on Zillow's access to market data.
Zillow openly explains this at https://www.zillow.com/zestimate/ and publishes their median error rates and other stats for some major metro areas at https://www.zillow.com/zestimate/#acc.
The good news is, it's relatively easy to validate how accurate it is for your market:
- Have your realtor pull 50 or 100 active and sold homes in the market/neighborhood you want to analyze.
- Compare actual asking and sold prices to the Zestimate for each one, put them in a spreadsheet, and develop some averages.
If you can say with confidence that the Zestimate is usually within 10% of reality in your market, or is consistently 20% high (or whatever), then it can be a useful rough screening tool for a quick desktop analysis.
This works in some markets, but it others the variability makes it useless.
- Jeff Copeland