Is Zillow Right?
I don't run around wearing a tin foil hat so that Alexa won't read my mind. I think we are living in one of the best times in the history of the world, and as more and more technology emerges it will only make our lives easier. If you don't believe me google "whats my home worth?" and you will see hundreds of home valuation programs. Heck, we even have one built into our site, [click here to try it]. As fun as these programs are, take it with a grain of salt.
Zillow Stats for South Carolina 2018
Zillow publishes their stats on how accurate their Zestimates are for each state. Here are the ones for South Carolina.
Homes w/ Zestimates
W/in 10% of Sales Price
W/in 5% of Sales Price
W/in 20% of Sales Price
So with all of these valuation models, what is the most accurate?
Well Zillow says it's Zestimate is within 4.5% on average. However, The ART of Real Estate is within 2.3%. Yes, this sounds self serving, and it is, But nothing can compare to a professional REALTOR. The best way to price a home is to call a local REALTOR, and not just any REALTOR, us.
How Do They Work?
- Most of the systems use tax data because it public knowledge, and the government does all of the heavy lifting by compiling it. However, we find tax data to be less than accurate.
- They use a radius search most of the time. So pull out a map, and draw a mile radius around your home. Do all of the neighborhoods that fall in that circle compare to yours? Are they lower price points, or higher? You know because you live there, do you think a programer in California knows the difference? No so much.
So in the end, if you are just curious how your home is trending or just want to know what your homes value could look like within a 4.5% accuracy, click away. Heck we do it from time to time. But if you really want to know what your home is worth, call a REALTOR and get it right.