Sale price vs Zillow

[The Dog]

Just for fun, I analyzed the sales closed today vs Zillow values where available. (our area is two counties and only about 1/2 of the properties are zillowed). Had some interesting results which I will summarize in % below:

#1 104%
#2 99%
#3 112%
#4 105%
#5 100%
#7 96%
#8 95%
#9 118%

I then considered the pending sales and the accuracy changed considerable.

List #1 143%
List #2 86%
List #3 133%
List #4 136%

Sure would be interesting to see if appraisal where done on these sales and where they come in at vs the Zillow % as above.

 

[Rufus]

Similar comparison in this post:

...[See Post]...

(Click the little trailing arrow to see the original post.)

 

[The Warrior Monk]

Here the lastest pending sale that I know about.

Zillow: $3,078,500
Pending price: $6,000,000 to $6,100,000.

 

[Bama Bayou]

This is a repost of mine from the middle of May.

Just for kicks, I decided to compare recent sales in two of my local markets to Zillow estimates. The sales data comes from the MLS using all the SFR sales between 4/12/2008 and 5/12/2008 in zip codes 36561 and 36542. They were not cherry picked to make Zillow look bad, no reason to. A total of 17 sales took place and Zillow was able to "Zestimate" 11 of them. Here are the results. They were off actual sales price by an average of 51%. The range was 10% to 136%. All were over valued-not a single one had a Zestimate less than actual sales price.


5531 Bear Point Avenue, 36561, closed 4/23/2008 for $125,000.
Zestimate: $180,000
Zillow over values 44%

5587 Pensacola Avenue, 36561, closed 5/5/2008 for $127,625.
Zestimate: $206,000
Zillow over values 61%

24722 Gulf Bay Road, 36561, closed 4/23/2008 for $131,000.
Zestimate: $206,000.
Zillow over values 57%.

2363 Twin Pines Circle, 36562, closed 5/2/2008 for $132,000
Zestimate: $223,500.
Zillow over values 69%

18788 Chelsi Lane, 36542, closed 5/12/2008 for $169,900.
Zestimate: $212,000.
Zillow over values 25%

5525 Ornacor Avenue, 36561, closed 4/18/2008 for $180,000.
Zestimate: $197,500.
Zillow over values 10%.

1209 West Lagoon Avenue, 36542, closed 4/17/2008 for $185,000.
Zestimate: $437,000.
Zillow over values 136%.

356 Savannah Lane, 36542, closed 4/25/2008 for $200,000.
Zestimate: $228,500.
Zillow over values 14%.

4697 Osprey Drive, 36561, closed 5/2/2008 for $284,900.
Zestimate: $419,000.
Zillow over values 47%.

4117 Harbor Road, 36561, closed 5/8/2008 for $295,000.
Zestimate: $372,000.
Zillow over values 26%.

4336 Hwy 180, 36542, closed 4/18/2008 for $589,775.
Zestimate: $1,012,000.
Zillow over values 72%.

 

[Truett Neathery]

Zillow is useful

Useful to point out to Loan hacks why you probably cannot come up with more value than the value the hack found in Zillow (but you will try for a fee, up-front, of course).

 

[RSW]

I just ran a zillow search on my home and it shows the values are down almost $100,000 from were they said it was last year. We do not have a declining market here in the Knoxville area. The comps that were provided are not even remotely comparable to my home.

 

[REM sleep]

it's just not accurate

my neighbor - listed on the market for $ 729,999

zillow - 871,000.

:new_2gunsfiring_v1: they can fire off a value all they want - they seldom are even close.