Zillow Zestimate Accuracy in San Francisco | San Francisco Real Estate Podcast
How Accurate are Zillow Zestimates in San Francisco?
Real estate consumers want information quickly and as fast as possible. Wouldn’t it be nice to receive a free home valuation at the touch of a button? Afterall, there seems to be an app for just about everything. A Zillow Zestimate attempts to give homeowners a real-time estimate of what their home is worth, but just how accurate are the estimates here in San Francisco?
Is the Zillow Zestimate an attempt at a Big Data collection of your home information including your home address, property type, size, square footage, bedroom count, bathroom count?
Listen to the full podcast here. This transcript has been edited and condensed.
Matt Morgus: For 99.9% of you out there who are relatively interested in real estate you know exactly what a Zillow Zestimate is. Just in case for the .01% of you who don't know, Zillow is a website where you can go online you can search for properties for sale, and it's pretty cool because it will actually give you an estimate of what Zillow thinks your property is worth.
Why do people use Zillow's Zestimates?
I think consumers out there, sellers of homes, or homeowners in general are looking for a quick easy way to determine the value of their house. There's a saying going around, “There’s an app for that”. There's got to be a quicker easier way to do it right? Well technically yes I guess you can go on Zillow and type in your property address and give them your information so they know exactly who you are, and where you live, and what kind of property you have, and you can edit your updates of the house, how many bedrooms how many baths the square footage, what kind of finishes you have, did you update the roof did you update the deck, have you remodeled the yard things like that.
You can give Zillow all this information, big data collection course, and they spit out as estimate of what they think your house or property is worth. This could be a condo, this could be a single-family home.
I was interested and curious to see the accuracy of these estimates. A lot of people use them and a lot of people really believe in them for their quick easy way. Here's what I learned.
Let's talk about San Francisco in general. Zillow has a page called California Data Coverage and Zestimate Accuracy. The page covers all of the counties in California.
San Francisco has the least accurate Zillow's Zestimates in the state of California.
For example, Zillow gives its own accuracy 2 stars out of 4 stars for San Francisco County.