Are Zestimates Right?

Ah, Zillow. Say the word in a crowded room full of Realtors and you’ll hear boos and hisses, as well as a few things you might not want your grandmother to hear. But the fact is, Zillow is getting some things right, and consumers are using the site. So what are we, as an industry, fighting them for? That’s a post for another day, and one I don’t think I’m ready to write – yet. I don’t hate Zillow. I like the site. Used it yesterday for personal research, in fact. It’s slick, easy to use, and has a ton of information.

Consumers are using the website, and Realtors and brokerages need to learn how to play in the same sandbox. And it was funny, as earlier this week two past clients both wrote within five minutes of each other and asked “Is Zillow accurate?”. This afternoon, a text came in from an upcoming listing “Will you have it on Zillow? I believe more people use that website then when we sold last time.”

Truth of the matter, Zillow in Montgomery County is not accurate. That’s really the case throughout the whole New River Valley. It’s gotten better than it was in 2014 when I first wrote that post, but we still don’t have the kind of volume they need to really say that a Zestimate is an accurate pricing tool. As I wrote in 2014, it’s just one tool in a larger toolbox. So I wouldn’t go basing my buying or selling decisions off of a website just yet.

 

Want to talk about some of those other tools, and how they all work together? Happy to. 

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