Question: How accurate is the website: zillow.com, in evaluating the market value of my home?
Answer: The industry is apparently not yet ready for robot Realtors. The industry’s most popular real estate valuation website, zillow.com, still can’t achieve a comparable level of precision. There is no substitute for a professional.
Websites like Zillow.com offer a low quality version of a real estate appraisal, called an “automated valuation model”. Zillow.com’s terms and conditions acknowledge that its data should not be used for professional valuation purposes.
According to a 2014 Washington Post article, Zillow.com’s estimates of market value fall within 5 percent of a property’s actual sales price – half the time. Further, zillow.com is twice as likely to under report your home’s value. This error margin grows even further with condominiums.
Zillow.com is more accurate with homes selling between $500,000 and $999,999, but for homes selling under $500,000 the accuracy drops.