It's Time for Another Zestimate Check

It's time for another check to see how Zillow's "Zestimates" are handling our hot market conditions on the San Francisco Peninsula.

Since Zillow is such a popular site with many of our buyers and sellers, I often take a snapshot of the Zestimate shortly after I take a listing, and then compare it with the actual sales price. The last time I posted some of the results was May, 2012.

Here we are, a year later, and it's time to do it again:

Zillow Zestimate for 274 Beachview #18, Pacifica CASale price: $750,000

Zillow Zestimate for 290 Beachview #37, Pacifica CASale price: $660,000

Zillow Zestimate for 835 Woodhams Oaks Place, Santa Clara Sale price: $510,000

Zillow Zestimate for 1532 School St, San Carlos CASale price: $819,949

 

 

Zestimate for 1046 W.Hillsdale, San MateoSale price: 1,055,000

I have 3 listings coming on the market in the next 2 months, and at present one pending buyer purchase. I'll let you know how closely Zillow Zestimates match those sales prices.

My advice to buyers and sellers remains the same: enjoy the Zillow site, but get your advice about your market from a knowledgable, reputable Realtor who knows the market and the trends 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 14 commentsLottie Kendall • May 16 2013 08:50AM

Comments

The very best advice is always: call the expert!   Good post.

Posted by Li Read, Caring expertise...knowledge for you! (Sea to Sky Premier Properties (Salt Spring)) over 5 years ago

I agree, Li. How are Zillow Zestimates in your area? Over? Under? Fairly close?

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 5 years ago

Lottie, Did you know that the new owners can "own" their home on Zillow and change the Zestimate to the actual sales price or appraisal value?  In your examples the Zestimates are low which is far better than being high but not as good as being exact. Your advice is sound ... get a market value from your real estate agent.

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) over 5 years ago

Lottie - You've done a great job of showing buyers and sellers why they need to use a local, real estate expert and professional like yourself, rather than relying on Zillow, or any other national real estate website to help them in their real estate transaction. Their numbers are never where the current market is at.  Something you can only get from a local agent.

Your advice - "My advice to buyers and sellers remains the same: enjoy the Zillow site, but get your advice about your market from a knowledgeable, reputable Realtor who knows the market and the trends in your area."


Loved your presentation!  I think all agents should be doing something like this to show clients where they add value.  SUGGESTED!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 5 years ago

Hi Lottie, lately Zillow's Zestimates for much of the Phoenix area have been over priced rather than under. I just had a home that appraised at $530,000 the comparables supported $530K but the Zestimate was $650,000 this created a huge problem with the seller who was convinced the home should sell for the Zestimate price. There are times when I'd like to take the Zestimate and..... Suggested.

Posted by Nancy Laswick, Your REALTOR® For The Valley Of The Sun (United Real Estate) over 5 years ago

Nice blog post Lottie!  Interesting to see Zillow underpricing the market.

Posted by Nikesh Parekh, Technology Entrepreneur, Executive, & Investor (Suplari, Inc.) over 5 years ago

Hi Kathleen - yes, and Zillow picks up the sales price eventually and uses that as their new Zestimate. How do the Zestimates run in your area of San Jose?

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 5 years ago

Thanks Laura for your comments. The Zillow site is fun for consumers, but seeing real examples of inaccuracies helps me inform buyers what really going on in our area.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 5 years ago

Nancy, that certainly is a problem for your area. Have prices dropped that much in the last year? Doesn't Zillow pick up sales prices from your Assessor's office? There definitely should be better Zestimates--setting unrealistic expectations is a bad, bad, idea.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 5 years ago

Nikesh, should I assume that Zillow's Zestimates are overpriced in your area, too? That's Nancy Laswick's (see #5, above) experience in the Phoenix area.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 5 years ago

Well done Lottie. Zillow gives folks "instant" gratification - I want information now. But, what if the information isn't correct? You give good reason for consulting a local agent for the true values of homes. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) over 5 years ago

Thanks, Debb. Only those in the trenches, who study the trends and current market statistics and happenings can give an estimate worth having - and even then, in our hot marketplace, it's an estimate.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 5 years ago

Lottie, Very interesting. Here, it seems like, Zillow is always over the sales price. Makes it hard for Sellers to understand the CMAs when we show them.

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) over 5 years ago

Connie, are you market prices rising or dropping? It seems there are regional differences in the Zestimates. Yes, you have your work cut out when working with sellers, as we do with buyers.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 5 years ago

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