random question - Zillow's "zestimate"

i was showing a coworker a picture of the house i recently bought. the fastest way to show was to pull up the images on zillow.

when i did that, i noticed that their "zestimate" on the value of the house has gone up $11,000 from the last time i looked (which was about the time we closed - at the beginning of april).

i had never put much stock in those numbers, but it did surprise me to see such a big jump in such a short amount of time.

so... my question is (out of pure curiosity): how accurate is zillow's "zestimate"?

Re: random question - Zillow's "zestimate"

No clue has we haven't tried to sell our home but they are estimating $450K which I find absolutely ridiculous.
We have a "starter" home which the basement could be finished and used for living space but we are so tight in this house I can't imagine someone wanting to pay that much.

Re: random question - Zillow's "zestimate"

In the case of my homes zestimate - it’s about $50k over. The reason I say this is because when we refinanced last year with what our appraisal came in at, Zillow had our zestimate ranging 50k more. Since then, it’s gone up about $100k. So I’d assume it’s gone up about 30-50k this past year going by what Zillow had the year before.

goes by what houses are selling for in the area and can change a lot day by day. The range is sometimes a $70k difference. That’s a large range to be accurate.

Re: random question - Zillow's "zestimate"

Re: random question - Zillow's "zestimate"

random question - Zillow's

Zestimates on average aren’t accurate. Yours may be fairly accurate though right now as your house was recently sold so they base it off of that record.

My neighbors house has a similar zestimate as mine but it wouldn’t sell for anywhere near the same amount.

random question - Zillow's

I believe they are based on comps, making them fairly accurate. A house that recently sold will tend to be more accurate than one that hasn’t been listed in 50 years because the recently sold house will take into account the condition, updates, etc.

At least that’s how I understand it!

random question - Zillow's

Not very accurate

Re: random question - Zillow's "zestimate"

I think my zestimate is accurate. But a house on the next corner from my sold for like 100k more than my zestimate- which I was shocked about because although the house is all done/upgraded, it has no backyard and my SIL went to look at the house and said in order to go into the basement you needed to go into the garage. It sold 30k over asking.

random question - Zillow's

They are not accurate at all because there are many things not associated with just beds and baths that create your true estimate that zillow does not take into account.

Re: random question - Zillow's "zestimate"

Zillow is not accurate. I work with real estate appraisers all the time, and they all say Zillow is crap for estimates.

I actually looked at my house because of this post - they have my house at being over 10,000 sq ft. That's my lot size, not the size of the house. So yeah - my estimate is waaaaaaaaaaaaaay off.

random question - Zillow's

redfin is supposed to be much more accurate than zillow

Re: random question - Zillow's "zestimate"