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The Whimsical Zestimate Gone Awry

By Doug Francis

I had a good laugh recently when reading Kris Berg’s San Diego real estate blog as she discussed “Zestimates”. “Zestimates” are generated on the web site Zillow.com which has become one of the top-tier real estate web sites in the country. Zillow.com basically takes the MLS data, and then creates an exciting set of graphs and charts that people are eager to consult, plus they have relevant advertising targeted to their demographic.

The “Zestimate” is an estimate of a home’s value using tax record data, mixes it with recent comparable public sales data and a little special sauce to give consumers an accurate price target for each property, even those not currently for sale. It is not an appraisal, but a guide using a new-age Value Range approach.

Great charts and walk-ability scores

Honestly, the site is very impressive with charts, links to additional sites, a satellite picture, and the “Zestimate” like I have discussed before. It is also so entrenched that “Zestimates” even show up on consumer trusted sites like Redfin.com or local newspaper real estate reports as a trusted source.

Darn it, if they trust them then it’s gotta be accurate. Finally the home buying consumer has real transparency when making decisions.

But what happens when the “Zestimate” is wrong? I sometimes contribute to Zillow.com to answer consumer questions, free, and the most common question that I see is “the Zestimate on my house is wrong. How do I change it?” So far, I have stuck up for the site citing the old “garbage-in, garage-out” saying and that, through time, the figures will become more accurate and not have Median Error rates of 13%.

I do my listing agent homework too, and when I went to check on a Fairfax, VA home for sale recently, the “Zestimate” came back at a price $488,000 below the asking price.

Say what?

When I went to the little map box on the Zillow.com listing and actually clicked on the property, then a brand new “Zestimate” popped up using the Value-Range pricing method with a price of $824,000 (which is low, but more like it) for the property. And you will need to click on the “Bird’s-Eye view” to actually see the property that is being offered for sale.

My conclusion is that Zillow.com has paired up the wrong tax record (their annual tax figure was incorrect) and, as a result, their top-line “Zestimate” is completely wrong.

Really, it’s free marketing so I’ll take it!

Am I complaining? No, because I want this home to be seen by anyone who is in the Fairfax, VA real estate market (a good thing) and I am spending time examining how my listing is being marketed because I know that today’s consumer pays attention to sites like Zillow.com, Trulia.com or any of the other sites that cross promote each other’s facts, figures and “Zestimates”.

As a full-time, boots on the ground real estate professional looking out for his client, I am willing to drill-down and see where information becomes murky for consumers who click through in 0.0375 Google-seconds if they don’t like a home listed on a web site.

Ultimately, when this property sells then there will be a new public record for Zillow to index and hopefully the record will be set straight once and for all.

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Filed Under: Blog, Home Buyer Tips, Home Seller Tips Tagged With: home buyer, Home Seller Tips, trulia, Zestimate, Zillow.com

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

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