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So How Accurate Is Zillow?

February 23rd, 2015 Written By

Ask any Realtor and they will tell you that Zillow is the bane of their existence.  1 out of every 2 listing appointments that I go on, I am asked about a property’s Zestimate on Zillow.  I think that Zillow works great in some markets where homes don’t vary much by price, style, condition and age.  But for areas like Coral Gables where every home is so unique, I believe that Zillow gets it wrong most of the time.  For example, imagine two Coral Gables homes that on paper were identical in size, location and condition.  However, one is an Old Spanish and one is a ranch.  Zillow doesn’t know how much value a buyer is going to place on the charming Old Spanish home compared to the ranch style home which could be $100,000 more!  In today’s market, you need an experienced Realtor who knows the comparables and can give you a proper assessment of value.

Many people aren’t aware that Zillow publishes their accuracy figures.  You can see on the chart above that Miami only gets two stars (out of 4).  They come within 5% of the actual price 31.3% of the time, within 10% of the actual price 55.5% of the time and within 20% of the actual price 78.8% of the time.  Here in Coral Gables where average values are $1,000,000, that can be a big difference!!

The moral of the story is, you can use Zestimates as a starting point for your home value.  But why rely on Zillow when you can have a customized valuation performed by a top producer – with no obligation to list your home? The answer seems obvious to me….

We are the #1 Top Producing Realtors at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

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