Tuesday, December 18, 2012

Zillow and Zestimates in Texas

Zillow and Zestimates in Texas

The following information was taken off of Zillows website about the accuracy of their valuation in different markets.  Texas is a non disclosure state, meaning that the sales prices for real estate are not recorded as public information.  Each individual municipalities board of Realtors® keeps track of the actual sales prices of real estate and to gain access you must not only be a licensed real estate broker in the state of Texas but additionally a due paying member of the local board of Realtors®.  In order for a real estate broker to provide a non-licensee with specific MLS data there must be a written working relationship between the two parties.

To sum this article up, Zillow has no idea what the value of real estate is in Texas.  San Antonio has a one star accuracy, Houston one, Dallas two.  To try and make educated opinions based on these figures is completely ridiculous.  

http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm
    Atlanta, GA2.1M1.9M31.0%54.5%75.3%8.8%
    Baltimore, MD956.6K936.4K36.3%62.5%82.5%7.3%
    Boston, MA1.5M1.4M38.0%64.9%85.9%6.9%
    Chicago, IL3.3M3.2M31.8%55.3%76.6%8.7%
    Cincinnati, OH777.3K705.2K33.0%56.8%78.2%8.4%
    Cleveland, OH819.8K733.1K34.1%57.9%77.7%8.1%
    Dallas-Fort Worth, TX2.0M1.9M22.5%44.5%72.8%11.3%
    Denver, CO920.9K856.8K39.0%69.1%91.6%6.5%
    Detroit, MI1.8M1.7M27.6%50.5%75.7%9.9%
    Houston, TX2.0M1.8M--------
    Kansas City, MO714.0K405.7K--------
    Las Vegas, NV670.3K666.1K32.3%56.9%82.0%8.3%
    Los Angeles, CA3.1M2.9M35.3%62.4%85.8%7.5%
    Miami-Fort Lauderdale, FL2.5M2.4M29.5%53.8%78.2%9.1%
    Minneapolis-St Paul, MN1.2M1.1M32.3%58.8%84.1%8.0%
    New York, NY4.8M4.4M37.5%63.6%83.5%7.0%
    Orlando, FL865.2K777.4K29.5%54.9%78.8%8.9%
    Philadelphia, PA2.0M2.0M37.2%63.8%83.0%7.0%
    Phoenix, AZ1.6M1.5M24.3%46.0%74.8%11.0%
    Pittsburgh, PA935.6K873.5K33.3%56.4%76.6%8.3%
    Portland, OR766.9K732.7K36.6%63.8%87.5%7.2%
    Riverside, CA1.5M1.3M32.2%58.9%83.4%8.1%
    Sacramento, CA782.6K689.6K29.5%52.5%79.1%9.5%
    San Antonio, TX754.8K669.5K--------
    San Diego, CA972.9K831.8K38.5%66.3%88.9%6.8%
    San Francisco, CA1.3M1.2M28.3%53.4%81.4%9.2%
    Seattle, WA1.3M1.2M36.1%64.6%86.6%7.2%
    St. Louis, MO1.1M1.0M--------
    Tampa, FL1.2M1.2M31.5%55.7%78.3%8.6%
    Washington, DC1.8M1.8M43.1%71.7%90.4%5.9%

    6 comments:

    1. Hi Ryan - Jay T from Zillow here. Since a large part of what Zillow uses in the Zestimate calculation is publicly available sold data, you're right that non-disclosure states like Texas present issues in establishing a Zestimate. That's exactly why we publish the accuracy table -- so everyone can see the data. Zestimates were never intended to replace a real estate professional. They are simply a starting place in the home valuation process.

      ReplyDelete
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