Zestimates are they Good or Bad?
By Colleen Kulikowski | February 28th, 2008 | Category: Buyer Resources, Real Estate News, Seller Resources, WNY Real Estate, WNY Realtor |You mention Zillow you are going to get some very strong reactions from both those in the Real Estate Industry and Consumers. And not just in Western New York, but across the country. Some people love Zillow Zestimates, others hate them. Now back in Western New York, after working in the Marco Island/Naples Florida area and having negative experiences with Zillow Zestimates there, I thought I would give it another try.
Let’s talk about why those in the Real Estate Industry don’t like Zillow Zestimates.  For the mere fact that we have to deal with the realities of what is happening in the Real Estate Market and be the bearer of bad news to Western New York Buyers and Sellers.  “No, your home is not worth $210,000, it really is worth about $160,000 based on the comps” I am sure that you can imagine the reaction we get. It happens time and again. It is not that Realtors don’t want you to have the information, we just want you to have it in context that make sense. Real Estate is local. It can be as local as street by street in some neighborhoods.  There are errors in their data — just look at the data for your home.  Do they calculate the bedrooms, baths and square footage correctly?  These are huge factors in value, as are swimming pools, new kitchens and other enhancements you may have.
Important Warning to WNY Consumers
The number Zillow spits out, needs to be taken with a grain of salt. If you check against the tax data, you may find discrepancies, therefore giving you a number that does not make sense in the current market. Sometimes they are pulling data from a year ago, where 60 days prior is as far as you should go in many areas to receive an accurate comparison. Building your own estimate is an excellent idea, if you pick apples to compare to apples. When you start comparing cherries to apples it becomes a problem. The big question, do you know what are apples and what are cherries?
Consider Zillow Zestimate a starting point
You need to have a REAL person, who knows the market in an area give you a true value of the home. Before you go checking your home on Zillow, remember their Zestimates are ESTIMATES. They don’t have all the data that Realtors and Appraisers have. In Niagara Falls, or the because of the projects in the works. They don’t know what is happening in Buffalo, like the .
Read Also:
It is important to note that in their disclaimer they state:
We encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research such as:
* Getting a Comparative Market Analysis (CMA) from a real estate agent
* Getting an appraisal from a professional appraiser
* Visiting the house (whenever possible)
* Creating your own estimate using the My Estimator home valuation tool
Not working with a Real Estate Agent in Western New York? If you are thinking of purchasing a home in the greater WNY area, please give us a call at (716) 743-5297 and we would be happy to assist you in the process of , selecting and . Interested in selling your home? We would be honored to have the opportunity to meet with you and discuss how together, we can successfully !
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Colleen-
Hey, it’s Drew from Zillow. Before I get into addressing the points made in this post, I wanted to let you know I did get your e-mail sent via active rain — I tried responding 3 times, but the mail kept bouncing for some reason.
So, on to Zestimates. You’re right — Zestimates are not a replacement for an appraisal or a CMA by a local professional. They are a starting point, not the final word in home values. In Niagara county, our median margin of error is 14.7%, with 19% of zestimates falling within 5% of sales prices. Accuracy does vary by region, and Niagara is definitely not one of our stronger areas. Nationwide, we have a 8.8% median margin of error with 32% of zestimates falling within 5% of sales prices. Hope that puts some perspective on our accuracy.
We’re glad you are choosing to advertise your listings on Zillow — we’d love to hear what type of success you’re having.
Drew — Thanks for that clarification. Feel free to call me at (716) 990-7384 to catch up on the other item. What is your accuracy rate for Erie County? We have gotten calls from people that have seen our listings, but they are lookers, not serious buyers. We hope that in time they will be, so it is an important contact all the same.
If you click the link included in my comment, it will show you accuracy for every county in New York.
Drew — thanks and it was great speaking with you earlier. Now that you mention it I see the link… Thanks for taking care of a few issues with Zestimates in our area. If you ever are in the Buffalo Niagara Falls area, would love to meet with you…
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