eugene oregon real estate blog

Technology, trends, and editorials.

Zillow Estimates - How accurate are they?

Filed under: Statistics, Tools — luke at 11:31 pm on Thursday, January 10, 2008

These days a lot of people spend time thinking about the value of their home.

Zillow provides homeowners with a statistical margin of error for each county in the nation. For Lane County, their Zestimated Median Margin of Error is 8.2%.

Since Zillow is such an easy to use home valuation resource for owners, most owners would be wise to take advantage of their Create Your Own Estimate toolset to improve upon the accuracy of those Zillow estimates. Owners can make recommendations based on home improvements and different comparable homes.

While Zillow is still a young organization, and their estimates are imperfect, they are following data that appraisers have been using for years, albeit with a much wider margin of error.

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1 Comment »

Comment by Justin Thayer

March 8, 2008 @ 10:26 pm

As a Realtor I check Zillow’s Zestimate on every home I deal with. Although it’s not 100% accurate it is an information source and should be considered. Even if you do not agree with it the public is going to use it. Almost every other Realtor I speak with about Zillow complains about it. I on the other hand have learned how to use it to my client’s advantage. You can actually put your listings on the site for advertising, and adjust the outcome of some the value it gives. I am one of the only Realtors in lane county taking advantage of this feature. You can check out all of my listing techniqes on my web site http://www.teamthayer.com
Justin Thayer
Team Thayer
Keller Williams (Eugene Springfield)

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