How Accurate is Zillow.com?

I'm in the process of evaluating a relocation package as a result of a new job. Part and parcel to this package is a capped reimbursement of loss of purchase price vs. current sale price. So, over a Starbucks this morning, I decided to give this a cursory glance.....

I'll spare you the gory details, but like many FL homeowners, I'm underwater. I'm not panicing about this....I still need a place to lay my head and I don't have a problem making the payments so it's not a loss until you pull the pin and sell.

In terms of trying to get an estimated sale price, I went to Zillow.com and am using their "zestimate" as a general guide. All this to ask....how accurate has anyone found these estimates to be?

Obviously, if I wanted to get more serious on this, I'd bring in a realtor and get an estimate but I don't want to jump through these hoops nor put a realtor through this if in fact the estimate is close to accurate.

Thanks in advance for any insight.

Dan

Dan;

From the Wall Street Journal
https://online.wsj.com/public/article/SB117142055516708035-O6WPplch_duU0zq_zhjQaI19vIg_20080214.html?mod=rss_free

Best to you and Barb!

Marc

Marc,

Thanks very much....excellent info in the link. I think I'll have a realtor come in and estimate this.id be happy to learn that zillow was way off the mark....I know I lost equity but at the right set of numbers, I may be able to take advantage of the bridge provided under the relo and still be able to buy back into the market.

Thanks again and say hi to Cathy for us.

Dan

Excellent question.

The house across the street from me is listed as a short sale. Zilow.com lists the asking price. Zilow.com lists the price my home sold for several years ago. Also, the picture is from that time period. I'm guessing in today's market, that's the price the house might sell for today.

Its a lot more accurate for homes in states that mandate sale price disclosure. For those states that do not require sale prices to be disclosed, I would expect that its predictions are just this side of useless.

Most county auditor have site that you can look up info. Find the county auditor site that house it located in. Next input the address--that will give you the last sale amount, tax info, ect. There should also be a listing of comparable sales in the area. All the sites are a little different but you should be able to find what you need there.

In the end, I've opted to contact a realtor. The price disparity among "comparables" was too great to use zillow with confidence. Thanks all for your help.

Dan

"In the end, I've opted to contact a realtor. The price disparity among "comparables" was too great to use zillow with confidence."

Bingo! That's exactly what I would do. Good luck you two.