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What is that house worth in Nashville TN? Let's ask Zillow

What is that house worth in Nashville TN? Let's ask Zillow.

         What's that home worth? Nashville TN

Zillow, I owe you an apology.

  

For a couple of years I have resisted Zillow. When Buyers tried to tell me what a house was worth because they saw it on Zillow, My first response was to tell them that it was wrong.

Usually, I did my own Market Analysis through our local MLS and argued that Zillow just plucked numbers from the air. Last week I broke down and actually to a class on Zillow and learned that I wasn't exactly right in my thinking. There's a lot more to their website than I was aware.

When asking What's that house Worth in Nashville TN?, Zillow pulls their information from several sources including the Tax Assessors office and from the local MLS. They have a page that they call Zestimates Values and Accuracy that lets you see how close they usually come to the actual values. If you look here, you'll see Davidson County in Nashville, Tennessee:

What's that home worth? Nashville TN

 

The 2 Stars mean that it's a Fair Zestimate overall. The chart also shows that 99% of the homes for sale are listed on their site. 30% of the Zestimates are with 5% of the actual Sales Price, 52% are with 10% and 73% are within 20%. Sounds pretty good. And it actually is, UNLESS...

So, what's that house worth in Nashville TN? If the house is Yours and you have it for sale at say $200,000. If Zillow is 5% off, it would be worth between $190,000 and $210,000. Close enough. If on the other had they were 10-20% off, the value would then range between $180,000 to $220,000 OR $160,000 to $240,000 accordingly.

Now we're talking about more than pocket change.

Depending on what part of the country you live in, they have varying degrees of accuracy. In Philadelphia, PA, they come within 5% of the sales price 30% of the time and within 10% over 50% of the time. Those are pretty good numbers.

If you're looking to price your home or purchase a home, look at the numbers on Zillow. Then call your Realtor. Let them do an accurate Market Analysis based on current sales in that area. They are the experts and can save you time and money.

 

 

 

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Connie Harveyis a local agent with Pilkerton Realtors, serving home buyers and sellers in Nashville, TN, Brentwood TN, and Franklin TN. Let her help you realize your Real Estate goals. She can be reached at 615-371-2474.


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Comment balloon 7 commentsConnie Harvey • April 05 2010 10:40AM

Comments

Hmmm, maybe I haven't been fair to Zillow either.......

Did you get to do the webinar this morning?  I had to miss it.

Posted by Ann Allen Hoover, CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL (RE/MAX Advantage South) over 9 years ago

Interesting Zillow use to be way off here, but with the downturn they are close.

I always check it out, just so I know.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) over 9 years ago

I have cursed Zillow my fair share as well.  I didn't realize they have made improvements.  Very interesting.  I'm off to investigate.  Thanks for the heads up!

Posted by Elizabeth Cooper-Golden, Huntsville AL MLS (Huntsville Alabama Real Estate, (@ Homes Realty Group)) over 9 years ago

 

I have seem more real estate pros swear at Zillow than swear by it. Interesting... 

Helping you, help others, live their American dream...

 

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) over 9 years ago

Ann - I did the webinar and as always walked away with more questions than answers! LOL

Missy - It's amazing how many people rely on them for their numbers!

Elizabeth - go to the very bottom of the page and click on the Zestimate Values. There's a lot of very intersting information there.

Michael - I was one of them. I'm not going to say that I'm now a huge fan but at least I understand them better.

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) over 9 years ago

I have an appraiser here in the Triangle that I respect and he says he looks at the zestimate too.  Nice post Connie, we all need to take everything into consideration these days...

Posted by Lee & Pamela St. Peter, Making Connections to Success in Real Estate (Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522) over 9 years ago

Pam - It's amazing how information can be a powerful tool if you know how to use it.

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) over 9 years ago

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