We laugh at Zestimates here in NYC. I had a buyer show up at one of my properties and immediately tell me the property was overpriced, according to the "Zestimate." I smiled and explained that even Zillow admits that their estimates are off and he got offended. You see, he works for Zillow. Well, after seeing him at 3 different open houses, he finally took my card and reached out to me for help. He told me all the homes he looked at in our area sold for prices that were not even close to the Zestimates. Whether higher or lower, the Zestimate was always 20-30% off. Why? Because the Zestimate is put together by someone who doesn't know the local intricacies of our market. I would not pretend to know the market in Florida, even though I am a licensed Realtor. I am not licensed in Florida, nor do I sell real estate in Florida. As a matter of fact, I'm a licensed Realtor that can practice in all of New York State, but I don't pretend to know ALL of New York State. I don't know what a house should sell for in Buffalo NY. But hey, if I want to know, I will research Realtors who are local to that area and have been successful for a number of years, and contact a few of them for their opinion. It is less time consuming and a lot more accurate than Zillow.
We Realtors do a lot more than push a button on our MLS to determine the value of a home. We study our market, know what's listed (even private listings that are NOT on the MLS), speak with sellers and buyers on a daily basis, and know the inside and out of our local market. Are all Realtors that diligent? NO! So instead of doing homework on Zillow, why not do homework on your local Realtors and figure out which ones know the market that YOU are in. I Know New York City. In Brooklyn, Queens and Manhattan (my areas of expertise), you have to know what makes a house, condo or coop go for $100,000 more than another house, condo or coop on the same block, with the same exact size and specs. Zillow doesn't care to know that. They don't have the time it takes to do the amount of homework that I do before slapping a price on a house. They give you a Zestimate, which is a GUESS! I don't guess. My agents don't guess. There's too much on the line for us to guess on the people's biggest investment. There's too much on the line when I know that I will be sitting at the closing table with my client after selling his/her home. I can't risk having them speak badly about the level of service I provide, because as I'm sure you know, bad news travels faster and further than good news. The Zillows of the world work on the old philosophy of "the numbers game." The more content on the website, the more they can convince the industry to spend advertising money on them, because buyers will follow the website with the most content, even if it is wrong 11.1% of the time.
I took the following from Zillow's website itself. You can read it for yourself @ http://www.zillow.com/howto/DataCoverageZestimateAccuracyNY.htm
It's the Zestimate accuracy:
New York, NY
Scored 2 Stars of 5
435.7K homes listed
335.7K homes with Zestimates
24.7% Zestimates were within 5% of the selling price (that's less than a 1/4) 46.4% Zestimates were within 10% of the selling price (less than half)
68.7% Zestimates were within 20% of the selling price (not even 3/4)
11.1% That's the Median Error
When you sell a 2 family home in Glendale Queens for $675,000, you are looking at a potential for making a costly error ($74,000). That's what a REALTOR can save you from if you decide to chuck the Zestimate and go with a REAL estimate.
That's why we Realtors are still in business! We know what we are doing. It's like this; would you fix your BMW without any training, and without the proper tools, just because someone puts up a "how-to" video on YouTube? Yes, you are right. That is a poor example. After all, BMW's median sales price is just under $50,000. A home in New York is at least 10 times that amount. Are you going to trust your biggest investment to the knowledge of a website that admits to being wrong at least 11.1% of the time? I know I wouldn't!
You want to know what your home is worth in Brooklyn, Queens or Manhattan?
Goto: http://
Google My Name... "George L. Rosario"
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George L. Rosario
NYC's Hometown Realtor
Coldwell Banker Kueber
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CELL: 917-945-4211
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