If You’re Looking at Zillow to Value homes in the Charlottesville Area

Be warned. Even Zillow says they’re not accurate. While it’s only been five years … I have no doubt that in two they will be more accurate. And one day, Zillow might be right.

Heck, Greene County’s not even there.  Of course, they “only” represented 10% of all homes sales in the Charlottesville MSA last year. ๐Ÿ™‚

Median sales price and volume of single family, attached and condo sales for Charlottesville MSA in 2010:

Sales by area - Charlottesville MSA - Greene County Highlighted

Note: the less metropolitan/urbanized/populated areas are less accurate. That will change.

For now, “But until Zillow gets a lot smarter, I don’t recommend making it a trusted bookmark.

Virginia Data Coverage and Zestimate Accuracy - Zillow - Albemarle through Fluvanna

Virginia Data Coverage and Zestimate Accuracy - Zillow - Charlottesville.jpg

In time of course, they will get better. It’s best not to underestimate those with piles of money and lots of smart people.

Thanks to Dan Greene for pointing this out; I’d seen it a few years ago but forgot all about it.

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7 Comments

  1. Wagner Leite January 14, 2011 at 21:07

    Hmm…interesting post. It’s good that Zillow admits its flaws–And I think you are right that in a few years they may be more accurate than they currently are. Either way, great post.

    Reply
  2. Albemarle Buyer January 15, 2011 at 23:04

    I think Zillow is more accurate than the overpriced sales prices set by the realtors who are very much out of touch with reality or don’t know how to manage their seller’s expectations.

    Personally I would just use 2003 assessed values as a benchmark.. instead of Zillow or a realtor.

    Reply
    1. Jim Duncan January 18, 2011 at 01:17

      Thanks for stopping by, Buyer.

      If I could set “sales” prices – the price at which property transactions close, I wouldn’t be writing this blog. I’d be in Vegas. Or I’d be some sort of god or king somewhere.

      Definitions aside, I absolutely agree with the latter part of your sentence … “don’t know how to manage their seller’s expectations.”

      Working with sellers now often involves hard, difficult conversations about what they want to make (irrelevant), what they need to make (also irrelevant) and what the property may be worth.

      I don’t set prices, but I advise and guide.

      In our area, Zillow just isn’t right. But they have some good ancillary content that makes the site valuable.

      Make sense of this, if you would, please. ๐Ÿ™‚

      http://goo.gl/Ip68u

      Reply
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  4. Anonymous June 9, 2011 at 18:14

    I think it is more accurate than the selling price amounts set by the brokers who are often out of touch with reality or do not know how to deal with their expectations of the seller.

    Reply
  5. Pingback: Zillow’s Still not Accurate in Charlottesville | RealCentralVA.com

  6. Top Music Chart August 29, 2011 at 23:12

    Thanks for posting
    this article, Great Help! Keep it up.

    Reply

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