Zillow is one of the few IPO success stories this year. They went public mid-July and finally hit profitability for the first time in Q2. How this will improve Zestimates remains to be seen. In real estate circles, Zestimates are known to be fairly accurate or totally off the wall. On a small link on their site, you can find their median error %. Some areas are respectably within 4-5%, but other areas are off up to 38%!
Zillow can be a great tool to get a ballpark guesstimate of a property's value, but take it with a grain of salt. It works best in tract homes or cookie-cutter communities. It's dubious in areas that have a lot of property diversity & older homes, like is most urban cities.
A fancy algorithm just can not take into account intangible factors that affect value like view, curb appeal, layout, schools, and so forth. I'm just sayin'!
Zillow can be a great tool to get a ballpark guesstimate of a property's value, but take it with a grain of salt. It works best in tract homes or cookie-cutter communities. It's dubious in areas that have a lot of property diversity & older homes, like is most urban cities.
A fancy algorithm just can not take into account intangible factors that affect value like view, curb appeal, layout, schools, and so forth. I'm just sayin'!
