Zestimates, the home valuation tool from the real estate listings site Zillow, are back in the headlines and not for the reason that the company wants.
Long-time real estate columnist Kenneth Harney took a closer look at the Zestimate in his column this past weekend and determined that the accuracy of the estimates remains a big issue.
“Localized median error rates on Zestimates sometimes far exceed the national median, which raises the odds that sellers and buyers will have conflicts over pricing,” Harney writes. “For example, in New York County — Manhattan — the median valuation error rate is 19.9%. In Brooklyn, it’s 12.9%. In Somerset County, Md., the rate is an astounding 42%.”
To its credit, Zillow admits an 8-10 percent error rate with the Zestimate. And, in an UrbanTurf interview from a few years ago, company CEO Spencer Rascoff indicated that the estimate is provided to essentially be a jumping off tool for homebuyers.
“A Zestimate is a starting point in determining the value of a home; it’s not an appraisal,” Rascoff said. “…ultimately, a home’s sale price is determined by the buyer and seller.”
Before homebuyers start using Zestimates for properties they are interested in purchasing, they may want to take a look at how accurate the estimates are in their area.
This article originally published at https://dc.urbanturf.com/articles/blog/the_accuracy_of_zestimates_questioned_again/9514.
Most Popular... This Week • Last 30 Days • Ever
The Washington Nationals great didn't move out of the area, though.... read »
UrbanTurf put together a quick primer on the ins and outs of a home auction.... read »
The new restaurant will occupy the former Dean & Deluca location at Georgetown Market... read »
The plans for the large new apartment project from Perseus TDC are coming into focus.... read »
President Biden will sign the largest climate bill in history into law this week.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
This Week's Find is one of the more interesting homes in DC's Foxhall neighborhood. ... read »
The mall will be reimagined as a 7-story, 325-unit apartment project with 25,000 squa... read »
While DC's rising home prices have been the story for years, there are some areas of ... read »
Approximately 25% of listings on the market in the city have experienced a price redu... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro