The Zestimate is one of the greatest marketing tools created in real estate and starts the talking points. What I like better is using RPR and creating an RVM versus a AVM. This way a local REALTOR® can make the necessary adjustments to create a real value. Added to that are fantastic reports you can generate and it is a part of your NAR dues and a great value to your membership.

I have experimented with many of them, some are laughingly inaccurate, others can be right on.

Definitely not something to make an informed decision about buying or selling. Market value is not simply based on numbers like SF and # of bedrooms

I do it the old fashion way and I am usuall within a couple percent.

My opinion...in a word..inaccurate...in two words..misleading.

Sam Shueh The advice of a neighborhood can never be replaced with technology.

My mls has an option to choose whether my listings should be syndicated for AVM's... and I always say no.

They can't possibly estimate the condition of the property.

Definitely misleading data.  You have to actually see the home.  A

Pretty low.

A person inspection and evaluation of a property is the way to go. 

Three words...Sucks Big One.

Inaccurate! In Texas we are a non-disclosure State they do not have access to our sold prices.

In a word, bogus.  Thanks for the scoop on sale of Z's home.

Sam, This is great info to present to potential sellers.  And, actually, would make a great blog post.  

I am not a fan of them Sam.  

Let them put their meat in the pot. However, they are not licensed for professional responses. Only licensed professionals are

I just love it when a new customer tells me their home is worth $$$$ because Z estimate says so.

Ok, yeah right!

I believe they use it as a marketing piece for the company.

I hope buyers do not use it to make an offer on a house.

In most cases it is off and others way off. Great for entertainment and getting yelled at but not so great on reality. 

Bob Crane sums it up well. Sometimes correct, sometimes not! Not a good summation!

It's kind of old news but you do have to have a Z response in your arsenal if someone asks.

According to Z they can be 30% & 'it's just a starting point' for conversation.

I have 3 different valuation sites available for use now. Z is no longer new. What the heck our own RPR does the same things.

not much

In the 'REPORT' of the CIS Score the values of these automated models are included for comparison. (Example in blog)

The issue is what does the real estate professional do when the home owner is presented with a half dozen 'half-baked' numbers suggesting the value of their house?

That is when the men are separated from the boys.

thank you for the information.

Some are accurate but many are not.

Well, it is helpful only if the same size, the same condition, the same location. 

I haven't seen an AVM that is accurate all the time but when they are it's a beautiful thing. Under $400K they have a much higher success rate but not one I could rely on for any decision making usage. They need eyes Sam!

I am not familiar with that product.

great info Sam

I love it as it starts a conversation about the subject of value, real estate and perception.    Talking is good.  Listening even more so.  

I have not found any computers that can do the job as of yet.

If they are built right, they are good to get a ballpark.  Z is way off, but other sites I've seen tend to be pretty close to reality and sometimes spot on.  Nothing can compete with a realtor with experience and knowledge and the ability to compare the subject property to the others.

I use RPR and it is nearly right on the $$ like my manual CMAs

Not a fan of them