How Accurate is a Zillow Zestimate? In this video, Huntington Beach Realtor, Jeb Smith talks about Zillow and their Zestimate tool they use to estimate home values.
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A Zestimate is the home valuation model that Zillow uses to estimate a home’s market value.
As I mention in the video, I don’t believe Zillow’s Zestmate to be an accurate reflection of the market value of most homes. This opinion comes from my past experience in looking at Zillow’s value and comparing it to what I believe a home is worth. Zillow’s Zestimate can’t do the research to find out the upgrades that have/have not been completed on a home nor do they distinguish between corner lots or schools. They are clearly using a pragmatic approach and only looking at the numbers. Because of that, their algorithm can’t produce accurate values in most cases.
How accurate is Zillow?
I recently listed a home in Huntington Beach, CA where Zillow had their Zesimate at $810K prior to me listing the home. Once I listed the home for sale at $870K, what it was actually worth. Zillow suddenly changed their Zestimate to reflect my list price and raised their value to $865K.
There are times when Zillow’s Zestimate is accurate but I would say more often than not, their value is not correct. If you are considering selling your home, call a professional Real Estate Agent who can help guide you through the process and provide data to you of how they came up with the value of your home.
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Other videos you might find helpful:
What is an ESCALATION Clause in Real Estate? – https://youtu.be/JZwZr6zS1mo
What is Dual Agency? https://youtu.be/BCHc1HbEeaU
July 2019 Real Estate Market Update for Orange County – https://youtu.be/ajFKCR6UiNg
If you would like more specific information about Escalation Clauses in Real Estate or any other Real Estate Tips, please contact me directly at 714.376.2711 or firstname.lastname@example.org.