Are Zillow’s Zestimates a Deal Killer?
The issue is how accurate is Zillow. Not very. The average Zestimates have an error rate of 8% nationally says Spencer Rascoff Zillow’s CEO. What Rascoff did not share is that the localized error rate sometimes far exceeds 8%.
That’s a problem!
The localized error rate in Manhattan is 19.9%, in San Francisco 11.6% (it’s actually much higher since approximately 25% of San Francisco’s listings do not ever go on the MLS which is where Zillow gets its data), and error rate is an astounding 26% for some rural counties in California?
Zestimates are hardly gospel – and often far from it!
