With the introduction of another home valuation tool (CyberHomes) to the market, Hotpads started running a comparison of the results from the home valuation tools. Here are the valuations for ten homes around Pittsburgh from CyberHomes, Zillow, and RealEstateABC. Listed represents the price that the home is currently listed for on the West Penn MLS.
House #1
Listed: $247K
CyberHomes: $285K
Zillow: $217K
RealEstateABC: $77K
House #2
Listed: $290K
CyberHomes: $428K
Zillow: $314K
RealEstateABC: $241K
House #3
Listed: $295K
CyberHomes: 220K
Zillow: $249K
RealEstateABC: $86K
House #4
Listed: $299K
CyberHomes: $392K
Zillow: $295K
RealEstateABC: $154K
House #5
Listed: $300K
CyberHomes: $273K
Zillow: $312K
RealEstateABC: $487K
House #6
Listed: $380K
CyberHomes: $457K
Zillow: $315K
RealEstateABC: $506K
House #7
Listed: $390K
CyberHomes: $439K
Zillow: $622K
RealEstateABC: $122K
House #8
Listed: $345K
CyberHomes: $345K
Zillow: $354K
RealEstateABC: $171K
House #9
Listed: $315K
CyberHomes: $329K
Zillow: $351K
RealEstateABC: $125K
House #10
Listed: $300K
CyberHomes: $308K
Zillow: $287K
RealEstateABC: $111K
Photo by Paul Keleher. License: Creative Commons Attribution 2.0
2 responses so far ↓
1 Jay Thompson // Nov 10, 2006 at 10:53 am
Wow, the spread between those AVMs is incredibly horrible. As you saw on my blog, at least they are consistent in valuing my home. REABC, at least in your market, appears to be seriously flawed…
2 David G from Zillow.com // Nov 15, 2006 at 5:45 pm
Hi Paul, it’s David G from Zillow.com
Thanks for doing this research!
Even though this is a small sample and we don’t know what price these homes will sell at, I am encouraged by your results:
- Zillow gets closest to list price in 6/10 cases and
- In 2/10 cases where a competing service is closer to list price (#8 & #10), Zillow is well within 5% of list price.
We could also clearly do much better with two houses in your list (#9 and #7) .
In this market, list and sales prices may still vary greatly but if nothing else, this list of homes suggests that Real Estate professionals and Zillow actually agree more than some might realize - or - at least it anecdotally illustrates that RE Pro’s agree more with Zestimates than they do with other free AVM’s valuations. That’s interesting!
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