Is Zillow Accurate For Brevard County Real Estate Values
by Bobby Freeman Realtor
Anyone in the real estate industry has probably heard of a company called Zillow. ‘Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data and knowledge around the place they call home’ according to their Facebook page.
Zillow.com states it’s ‘The leading real estate marketplace. Search millions of for-sale and rental listings, compare Zestimate® home values and connect with local professionals.’
While it is true you can search millions of properties for sale or for rent how does Zillow’s Zestimate empower their consumers with data and knowledge?
In my professional real estate opinion their Zestimate is not accurate in Brevard County. How can a computer algorithm supposed to accurately estimate your home’s value?
In fact Zillow is trying its best to improve the Zestimates and is actually offering $1 million award to the “person or team” who can improve their Zestimates . Zillow officials say the contest has been in the works for over a year.
About a year ago I wrote a article for Space Coast Daily regarding their Zestimates. Let’s see how accurate Zillow is for our Space Coast real estate market.
My listing at 171 June Dr Cocoa Beach is asking $299,900 but the Zestimate says $334,409. Should I tell my seller to raise his asking price?
425 Pierce Ave #205 is scheduled to close at the end of this month for less than our asking price of $599,900. Zillow says it’s worth $622,391. Is my seller leaving money on the table?
Currently we are in a seller’s market especially at the beach. According to Zillow the market temp is “Very Cold” in Cape Canaveral.
I just closed 134 Starboard Lane #206 for $322,500. Zillow says $340,295
Next door #207 just closed for $262,500. As you can see below Zillow said it closed for $190,000 and the Zestimate says it was worth $381,223. The reason this listing sold for much less than my listing is that it was full of mold.
6318 Depot Ave Cocoa just closed for $175,000 Zillow says it was worth $166,321
4280 Sherwood Blvd Melbourne just sold for $108,000. Zillow says it was worth $102,966
2726 Summer Lake Ct Melbourne just sold for $336,500. Zillow says it was worth $340,054. Congrats to Zillow on this one.
1670 Whittier St SE Palm Bay just sold for $194,000. Zillow says it was worth $175,601
472 Lanterback Island Dr just sold for $1,100,000. Congrats Zillow you said it was worth $1,132,093
2538 Ventura Circle Melbourne just sold for $229,600. Zillow says it was worth $221,477
Looks like Zillow’s Zestimates have not improved and I really don’t think they will get any better in the future. Why? Because a computer can not see inside or outside of your home. A computer doesn’t know the condition of the property for sale or the ones recently sold. A Realtor does know this and we take all conditions into account before listing a property for sale.