I was taking a Realtor class, getting credits for my next license renewal. The subject was about tech for Realtors. To be honest I didn’t expect much and I went because I had nothing else to do that day. Much to my surprise I picked up several good tips. One of the most interesting things was that Zillow rates it’s own accuracy. And I mean they rate themselves right down to the county level.
Zillow is a site that buyers and sellers seem to love and Realtors see as inaccurate. Who is right ? The following is accuracy results that Zillow publishes about it’s own Zestimates.
In Ocala and Marion County as of July 25 2018 for a 3 month period ending July 30
Zillow gives itself 2 out of 4 stars
50% of it’s Zestimates were within 5% of the sold price
70.5% of Zestimates were within 10% of the sold price
83.5% of Zestimates were within 20% of the sold price
Median error is 5% of the sold price
Those are pretty big numbers to be off. 5% is a $10,000 error on a $200K home. I will give Zillow credit. If you read about Zestimates they say that they are only a starting point and are not the same as a Comparable Market Analysis or an Appraisal. Websites are no substitute for a local expert.