As millions turn to Zillow to begin their home shopping experience please know the conflict it can cause you when buying, or selling your home. The website is an automated property value estimate that is calculated from public and user submitted data which is computed 3 times per week. Three times per week?! Public and user submitted data is not information you can get from your local Real Estate Agent, or Appraiser who inspect the subject properties, know the current market conditions, location and special features of a home.
Zillow’s CEO Spencer Rascoff admits to their “median error rate” in home pricing. At the bottom of Zillow’s home page you will find a Zestimate tab where you can read more about their accuracy in your market area.
Catchy word that has implied meaning, Zestimate is as it sounds, an estimate of a home’s value. Rascoff also admits that these Zestimates have an error rate of 8%-26%. Houston, we have a problem! In fact, we have such a large real estate market that on Zillow’s accuracy table, Houston doesn’t even score on error rate.
I do give Rascoff credit though, he does advise that Zestimates are no more than a starting point in pricing discussions with the real authorities, your local Real Estate Agents and Appraisers.
Admittedly I have used Zillow from time to time for a quick property search, but always question the “freshness” of the information. When you are wanting reliable information on homes for sale, you can find it on HAR.com. Unlike Zillow that updates their information 3 times per week, HAR updates accurately every 15 minutes!
For quality results in buying, or selling your home find the experts. Invest in contacting your local agent who has access to true market information and will get your needs met.