A Wall Street Journal analysis of 1,000 recent home sales shows that Zillow's "Zestimates" often are very good, frequently within a few percentage points of the actual price paid. But when Zillow is bad, it can be terrible -- off the mark by more than 25 percent on one in 10 homes. In one case it was off by $2 million.
Fidelity has recently launched thier own estimator of home value. Arguably Fidelity/FNIS has a better database to work off of than Zillow.
Many people are saying Zillow is pretty right on the money. However, when I check in my neighborhood, it reminded me of the time when I was selling Apartments. I brought in an appraiser into what was up until then my biggest sale ever.
This guy was comping values off of units that had sold in "the hood", while the building was in a very exclusive area.
Comments