Pinecrest Florida Real Estate and More...: Zillow and Zestimates

Zillow and Zestimates

This week I went on a listing appointment where Zillow's zestimate has the property valued at $1,986,500 - and the homeowner showed it to me.

I specialize in the Pinecrest Florida real estate market, and after a thorough analysis, I showed the homeowner that their property would currently sell for $650,000 to $700,000.

Where does Zillow get these numbers?  Not even at the height of the real estate market would that property have appraised for $1,986,500!

Homeowners, Zillow is a "fun" site, treat it that way.  If you really want to know what your property's current market value is, hire an appraiser or speak with a real estate agent that specializes in your area.

 

Marie StoryMarie StoryMarie Story QR Code

Broker Associate, ABR,CIPS,GRI,TRC        

Celebrating My 23rd Year in Real Estate

Coldwell Banker 

12651 Pinecrest Parkway (US1)

Pinecrest (Miami), FL 33156

305-776-0010

Pinecrest Florida   ~ My Website   ~   Pinecrest Homes For Sale

Comment balloon 2 commentsMarie Story • March 07 2010 05:46PM

Comments

Hello Marie, those "zestimates" are an absolute joke sometimes. Who knows where they get their numbers from?

Posted by Malcolm Johnston, Trenton Real Estate (Century 21 Lanthorn Real Estate LTD., Trenton, Ontario) over 10 years ago

Marie - Our data is definitely not the best in the Miami area.  A lot of this has to do with the quality of public record data we receive, which obviously then affects Zestiamtes.

What may be of a big help to you is the Accuracy chart we have on the site.  Here you'll find that we only give ourselves 2 out of 4 stars, based on the median err rate for the county of 30.2%.  When we get sales data, we go back and look at what the Zestimate was before the home sold and then calculate the err rate based on the difference.  We are also able to tell the number of times we were 5%, 10% and 20% within the selling price. 

I think this chart would easily help you explain to clients why you are much more right than us, and we are just a computer generated starting point. 

You can find a link to the chart at the bottom of any page on Zillow.  Or, here is a link to the FL info

Hope that helps!

 

Posted by Sara Bonert, Real Estate Internet Marketing (Zillow) over 10 years ago

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