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Is Zillow's Home Value Estimate Accurate?
A lot of buyers and sellers check Zillow before they talk to an agent. Here is an honest look at what Zillow's estimate actually is, how it is calculated, and where it tends to fall short.
Video coming soon
The key takeaways are below in the meantime.
Written by Bri Bond-Erwin
Key Takeaways
- Zillow's Zestimate is an algorithm-based estimate using public records, tax data, and listing information. It is not an appraisal or a CMA
- Zestimates can lag behind current market conditions, particularly in rapidly changing markets
- In areas with limited comparable sales data, Zillow's estimates tend to be less accurate
- The estimate is a useful starting point for general awareness, but not a reliable number to price or offer from without additional analysis
- A real estate agent's CMA uses actual MLS data, specific property details, and professional judgment to arrive at a more accurate value range
- Online estimates are a reference tool, not a substitute for a proper market valuation from someone who knows the local area
Transcript will be available when the video is recorded.
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