How Accurate Are Zestimates in Tucson?

According to Zillow, in Pima County, 91.2% of homes sell within +/- 20% of their Zestimate. That means, if your home’s Zestimate is $200,000, it is very likely to sell between $160,000 and $240,000. Uh, thanks for the help, Zillow! 81.9% of Pima County homes will sell within +/- 10% of their Zestimates, so in your case between $180,000 and $220,000. That’s still a $40,000 range! When you get down to a 5% difference, which would be $190,000 to $210,000 for that $200,000 Zestimate home, there is only a 64.6% chance of it selling in that range. That’s a D!

Source: www.zillow.com/howto/DataCoverageZestimateAccuracyAZ.htm

Zillow says so themselves, the Zestimate “is a starting point in determining a home’s value.” Your home’s Zestimate is calculated automatically using an algorithm that relies heavily on sales prices of similar homes nearby. “Similar” in this case only takes into consideration public record data like square footage and number of bedrooms though, and it works best in production neighborhoods where homes are similar. The Zestimate algorithm doesn’t know which homes have road noise, great views, blue shag carpet, updated kitchens, or a neighbor with eight cars in his front yard, and these things, along with many other details, really make a difference.

Tip: You can claim your home on Zillow and update its information, including any errors or omissions and any renovations you have done. This may change your Zestimate! 

But didn’t we already prove that Zestimates are not very accurate? So why does it matter? Answer: The reality is buyers look at Zestimates, so if you can increase yours, it can help justify a higher sales price in the future.

Before you get excited or discouraged about your home’s Zestimate or the Zestimate of a home that piqued your interest, give us a call. Zillow suggests that those wanting to go beyond the Zestimate should start by “getting a comparative market analysis (CMA) from a real estate agent.” With a visit to your home and some research, our expertise and local market knowledge can help you arrive at a much more accurate value than a Zestimate, and our detailed assessment is also free!

Angela Greynolds, M.Ed.

REALTOR, GRI, GREEN @ Long Realty Company

Angela is a native Tucsonan and has lived, worked, and played in Tanque Verde, central Tucson, the University of Arizona area, Catalina Foothills, the East side, and currently Oro Valley. She is the former Technology Director at St. Michael's School, a runner, musician, teacher, outdoor enthusiast, vegetarian foodie, Spanish-speaker, world traveler, and lover of all things Tucson.