“Hi Gary. I saw a little condo near SDSU for sale. The agent was advertising it as being $35,000 under Zillow Zestimate. I’m not sure what they’re talking about. Does that mean it’s a good deal?”
What that means is the agent is trying to sway anyone foolish enough to think that Zillow’s market valuations (‘zestimates’ as they cutely call them) have ANYTHING to do with reality.
As I mentioned in previous newsletters, I’ve found the estimates from Zillow to be grossly and pathetically inaccurate.
One real estate columnist advised his readers not to rely solely on the site, but to use its value estimate function as a resource.
I disagree 100%!
Zillow is so far off the mark, you might as well be using tea leaves and tarot cards.
Bottom line: I use Zillow and related sites for ENTERTAINMENT, not pricing information.