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Originally Posted by Investment Painting Contractors
You are RIGHT ON THE MONEY. They are strictly estimates. They are wrong over 50% of the time. They are used as generalizations and not gospel.
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I would encourage people to read the Zillow "zestimate" section on their website. They explain how they measure and track the accuracy of their estimates, including spreadsheets. Their accuracy has recently been within about 1.9 percent, when you compare their estimate to the actual selling price, which is public record. So, unless Zillow is lying, I think their accuracy is very good. But, of course it is an estimate. I have never heard of a real estate gospel.
Also, I don't think real estate appraisers are the best people to estimate market value for buying or selling a house. They usually work for the bank, and their primary function is to satisfy the bank.