Zillow homes estimates are way off in Hawaii, computers don't know house values
Posted by Tony Kawaguchi, RA on Wednesday, September 22nd, 2010 at 2:27pm.Have you ever put your address into Zillow's search bar to see what it thinks your home is worth? If you need a laugh, or you want to be confused, go ahead.
This morning I saw a blog post about Zillow's home value estimates, so I decided to look up my neighborhood. Zillow shows the value a house near me at $1,010,000. Try it - the address is 217 Nenue st, 96821. The problem is, that house sold in January of this year for $897,000, which is also shown right above the value.
So Zillow thinks the market here has risen 12.59 percent in the last 8 months? Actually, it doesn't.
Another house in the same neighborhood, just 2 streets away that sold for $810,000 in May is showing a current Zillow estimated value of only $815,500, not even 2 percent.
Even stranger, a house on Hind Iuka Dr that sold on June 30th is showing a drop in value of $8500 over the past 2 months. It sold for $1,125,000.
Bottom line - you cannot trust Zillow for property value estimates are not consistent in Hawaii.
I know each of these properties well, and I can tell you that in order to get a real market value, it takes a human being with understanding of condition, location, and quality.
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