How Accurate Are Zillow Estimates?

Zillow Estimates

Selling your home–especially if you’ve never done it before–can be confusing and deceptive. Be careful about falling in love with a home value estimate you see on Zillow, because many are deceptively higher than the market value. Home listings that start out overpriced tend to sell for less than they are originally priced. You want to sell your home, but how accurate are Zestimates?

How Accurate Are Zillow Estimates?

Experiment other estimates

When you’re online scrolling through pages and pages of estimates, you often see an estimate for a home’s given value. Zillow is probably most known for this feature and they even trademarked the name “Zestimates” to show their commitment. To get a quick glimpse into the accuracy of a listed estimate, look up the same house on another website. Instead of solely trusting Zillow for your pricing, make sure to also look at Redfin, and Trulia. You’ll be amazed at how different the estimates can be. 

Median error delusion

Zillow prides themselves with a 5% median error rate. But what’s important to pay attention to is the word median. At first glance, this sounds really impressive, but upon further inspection, the estimate is within the 5% of the price only half of the time. Not as impressive, right?

Hire agents you can trust

The estimates at Zillow are not tempered and can be checked with an experienced real estate agent because they are completely stated on the basis of the real-time analysis, current net worth of the place, the condition of the surroundings and also the future predictions. If you want the best possible estimate for your home’s value before you sell it, consider hiring a good appraiser or a real estate agent you can trust.