Today the Salt Lake Tribune ran a story on the front page of the Money section titled, “Zillow’s Zany’s Zestimates“. The article basically says the same thing my post yesterday says- that Zillow is very inaccurate, especially in Utah because this is a non-disclosure state.
Their approach was a bit different as the piece mainly put the blame on Realtors, which is strange because the state’s status as non-disclosure is determined by lawmakers, but had the overall story feeling like a next-day news break.
Also cited were some examples of home values and the estimates given on the website. One home was estimated on Zillow to be worth $1,800,000 with 1900 SF but reality has 2400 SF and was appraised for $350,000. I’m a bit rusty on my math, but that’s a margin of error of about 500%.
Like I said yesterday, I think it’s good for consumers to have information. If it were up to me all the information would be open to everyone, including sold and sales data and MLS comments. Either way, it is still always advised to seek the professional advice of an experienced Realtor when selling or buying a home.