A Zillow Tale - Home Sold in San Carlos CA and Zillow's Zestimate

A Zillow Tale - Home Sold in San Carlos CA and Zillow's Zestimate

This morning's email contained a notice from Zillow about one of my listings, 1925 Belmont Avenue, San Carlos.

home sold in San Carlos CA 94070First, here are a few facts about the listing:

  • it went on the market 2/6/11
  • it was under contract 4 days later, with 6 offers received
  • sale finalized and recorded 3/15/11
  • list price: $1,129,000
  • sale price: $1,207,000

A couple of things jumped out at me when I saw the Zillow link today: first, it appears to be an active listing, and second, the Zestimate is w-a-a-y off. Take a look at the screen shot:

Zillow zestimate, 1925 Belmont Avenue, San Carlos CA

While Zillow is an interesting site, the Zestimates can be pretty zany! This one is off by more than 20%! This will be good reference for buyers and sellers when they tell me, "....but Zillow says the house is worth ......"

What has your experience been with Zestimates in your area?

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Pacific Union International

CA DRE#10215160; 650-465-4547

Lottie@LottieKendall.com

www.LottieKendall.com

Peninsula Living Business Page

www.SFCondosForMe.com

 

 

Comment balloon 16 commentsLottie Kendall • March 24 2011 05:00PM

Comments

I use Zillow all the time to get a ball park range of what the value would be for homes.  I have had zillow usually be conservative on the values.  Rarley they will be close to actual value. One of my last deals Zillow showed the value at $122,000 the appraisal came in at $148,000.

Posted by Wes Pentecost, 602-410-4357, Arizona Mortgage - FHA, VA, Conventional (Amerifirst Financial, Inc.- FHA, VA, Conv Jumbo loans) over 7 years ago

Lottie - I have used Zillow several times for information on different neighborhoods and they seemed like they were pretty close.

Posted by Linda Scofield over 7 years ago

Hi Wes, eyeballing that, I'd say your Zestimate was off about 15% right? Zestimates are generally low in our area, too. Makes it hard for buyers to understand they can't expect to be succesful when they come in low!

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

Hi Linda -- I'm glad zestimates have been reasonable in your area. it's a fun site, and one that the public goes to often.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

Lottie--I think Zillow is happy with 15-20% accuracy.  As real estate agents we can use Zillow's in accuracy as confirmation of need for our services.  Thanks for sharing this 'real life' statistic with AR.

I entered my own property about a year ago.  Periodically I get e-mails about the value of my home.  It keeps going down which is not what is happening in my local market.  Fortunately I am not planning to sell any time soon.

It is almost the weekend.  Where are you hiking?

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) over 7 years ago

They are way off in my area...love the value of that house though...great sale for you!

Posted by Cindy Marchant, "Cindy in Indy" , Realtor, Fishers Real Estate (Keller Williams Indy NE 317-290-7775 www.marchantteam.com) over 7 years ago

Dear Lottie, I use Zillow at the listing presentations and I am glad they are inaccurate because then we can work with the seller into listing the house at a reasonable price based on real comparable sales from the immediate area. I make a point of telling the sellers that zillow values are what the home buyers will rely on sometimes.

Antonio

PS: Thanks for the Referral!

Posted by Antonio & Alexia Cardenas, "The Realtors In Motion" (Alameda County - San Leandro, CA.) over 7 years ago

Hi Mary, I'm planning to use this example when buyers have unrealistic expectations about the market, thinking they should write low offers.

This weekend is the first in many when I'm not planning to work most of it; I hope to get out for a run on Saturday morning, and perhaps a half-day hike on Sunday, where, I'm not sure. We've had about 2 weeks of rain--unusual for us--and more on the way.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

Hi Cindy -- that sale was sweet. The sellers are close personal friends, the buyers absolutely love the house--it's perfect for them--and the selling agent is a great one. A wonderful experience for everyone. Wish they were all like this.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

Hi Antonio - you've found a good way to turn Zillow's inaccuracies to a plus. I suspect you'll be hearing from Scott in a week or so. Best to you!

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

Lottie, My experience with Zillow is that the Zestimates are w-a-a-y off in either direction. Sadly, too many people look at a Zestimate and believe the value is accurate.

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) over 7 years ago

Your're right, Kathleen; that's why I plan to use this very concrete example when talking with buyers -- sellers, too.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

We all need to frame this for posterity, Lottie.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) over 7 years ago

David, Zephyr's website sounds fabulous. I'll check it out! Thanks

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

Jane, you've taken my thought to a new level! I do plan to use this when talking with buyers, for sure. How's everything in LA? Soggy up here.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 7 years ago

Sounds like you have fun options this weekend, Lottie.  I will think of you while I am teaching Sat & Sun, but Sat evening is Belly Dance Show.  Can't wait. (No, I am not dancing, just watching.)

Posted by Mary Yonkers, Erie/PA Real Estate Instructor (Alan Kells School of Real Estate/Howard Hanna Real Estate) over 7 years ago

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