Most homeowners and potential homebuyers have heard of Zillow, the online real estate database company. The site contains a listing of about 100 million homes nationwide, whether on or off the market, with detailed information regarding each property.
One feature offered by Zillow is what they call a “Zestimate,” which is Zillow’s estimated market value for each home. The estimate is only meant to be a starting point in determining a home’s value, and is computed using a proprietary formula using public and owner-submitted data.
But just how accurate are “Zestimates?” Nationally, there is a median error of 8%, with 34% of Zestimates within 5% of sales; 58% of Zestimates within 10% of sales; and 80% of Zestimates within 20% of sales. Errors are just as likely to be above the sale price as below the sale price.
You can compare that data with local Zestimates in the chart below:
|Zestimate Accuracy||Homes on Zillow||Homes with Zestimates||Within 5% of Sale Price||Within 10% of Sale Price||Within 20% of Sale Price||Median Error|
Have you checked the Zestimate of your home? Did you know you could change it if it is not right?
Because Zillow’s data comes from public records, your information could be outdated or missing. Since the amount of data Zillow has for a home affects the Zestimate accuracy, it is important that you review your home facts and update the information, if necessary. By updating your home facts (such as number of bedrooms or square footage), your Zestimate could be affected. If the changes you make are significant enough to change the Zestimate, you will see the change instantly.
To make changes to your home facts, you must claim your home on Zillow’s website. Simply visit www.zillow.com/sellerlanding/ claimyourhome, enter your home address, and follow the prompts. You can update the number of bedrooms, bathrooms, home size, or lot size by clicking “edit” near your home facts. You can also add architectural style, roof type, heat source, building amenities, and more. All Zestimates are updated daily.