My clients often ask me – How accurate are those Zillow Zestimates? Below you will find real home prices for luxury homes sold in Boulder alongside their Zillow Zestimates. Scroll down for more information on the accuracy of Zillow Zestimates.
Zillow is the most popular online real estate information site, with over 70 million unique visitors per month. Zillow provides information on houses that are not on the market as well as active listings of properties for sale.
According to Zillow CEO Spencer Rascoff, Zillow Zestimates are “a good starting point” but nationwide Zestimates have a “median error rate” of about +/- 8%. On a $500,000 house, a seller is looking at a $40,000 disparity — which can potentially distort the perceived market value of a listing.
So what’s the takeaway? When buying and selling, keep in mind that Zestimates are no more than starting points in pricing discussions with the real authorities on local real estate values — experienced agents and appraisers.
If you’re curious about the current value of your home, I can provide you with a comparative market analysis at no cost or obligation. Call Barry Remington at 720.373.9297 or reach me by email at firstname.lastname@example.org.
Source: LA Times article “Inaccurate Zillow ‘Zestimates’ a source of conflict over home prices”