Are Zillow Zestimates y?
October 30, 2013 | erika

Real Estate Market Data for Ventura County, CA provided by Ken Grech of Troop Real Estate

What is a Zestimate?

Home Buyers and Sellers frequently use the term “Zestimate” when working with Realtors to Buy or Sell a Home.

According to Zillow: The Zestimate® (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is calculated from public and user submitted data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Zillow encourages 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)
  • Etc. Etc.

 

Common Misconceptions

The common misconception from Realtors is that Zestimates are completely inaccurate estimates for buying and selling a home, while Home Buyers/Sellers have the misconception that this is the accurate estimate. The truth is that a Zestimate is usually a close to accurate estimate on a Home, but there are exceptions due to factors that are not included when Zillow makes the Zestimate. See below for the Zestimate percentage accuracy for Los Angeles and Ventura County region.

Zestimate Accuracy for Los Angeles

zestimate

Conclusion

In Conclusion, you should always use a Real Estate Agent to help you figure out the Home price due to unknown compensating factors. From my experience, I have seen homes that are $40,000-$60,000 off based on inaccurate inputting. One thing that a Real Estate Agent can factor in, that Zillow cannot is the pulse of the market.

For a free market analysis on your home in Ventura County, Los Angeles County or Conejo Valley contact Ken Grech at (805)-217-1368 or visit www.SimiIsHome.com

For more information about Zestimates and Data click Here.