One of the questions I ask potential home seller during our pre-listing interview is “How much they thought their home is worth”? When I ask this question, I mostly get one of these answers: Some of the sellers tell me a price that is based on a recent appraisal. Some tell me a price based on what their neighbor’s house sold for. Some tell me a price that another Realtor said it was worth.
I am a contributor on Zillow and I think it is a great platform for real estate, but what most people don’t know if that there is a margin of error on Zillow Zestimate, and the level of accuracy varies by your location. . According the Zestimate Accuracy Table below, a star rating of 4 represents Best Zestimate, a star rating of 3 represents Good Zestimate, 2 represents Fair Zestimate. One star represents Tax Assessor’s Value, or that Zillow was unable to compute Zestimate accuracy, and zero stars means No Valuation. These star ratings are tied to the median error in an area.
]]>
. As you can see in the image, Greenville County has a Best Zestimate star rating. For the Greenville County properties on Zillow, 99% of them have data like number of bedroom, bathrooms, etc. available on Zillow. 99% of the on Zillow have Zestimates, and they only calculate these Zestimates where they have certain data, which includes trasaction details. The next column shows that in Greenville County 26% of the time, the Zestimate was within 5% of the selling price. The next shows that 47% of the time, the Zestimate was within 10% of the selling price. The next column shows that in Greenville County, 71% of the time, the Zestimate was within 20% of the selling price. The median error is 10.8%, which means that
The table above was last updated on January 11th 2011, and is computed for the three month period ending on September 30th 2010.
If you are interested in selling your home, relying on these Zestimates could result in you having an overpriced listing out there, which can cause you to loose that perfect buyer, and cause your home to sit longer on the market than it should. It may also cause you to leave money on the table. Be sure to consult a good listing agent in your area who can put together a detailed that’s based on the condition of your home, and the market conditions in your neighborhood.
Are you interested in selling your home in the Greater Greenville area? Contact me for a free consultation.
…
To find out the Zestimate accuracy for your area, simple visit zillow.com and click on the gray link on the bottom shown on the image below.
…
Victor Amadi – How Accurate is Your Greenville SC Home’s Zillow Zestimate Value?
Your One Stop Shop for Greater Greenville SC real estate, information, MLS Listings and Greenville homes for sale. Victor Amadi is a Realtor who seeks first to understand the needs of his clients and delivers the results that they seek. Contact Victor at 864-525-0201 to discuss your needs.
This video gives you a quick tour of some of the most popular tools on Zillow including: the iPhone app, the Zillow Mortgage Marketplace, homes for sale on the site, Zillow Advice, the Zestimate and more.
Video Rating: 3 / 5
More Zillow Articles