A blog reader has a question. Why are Zillow estimates for Brighton seem too low by about $30-$50K. I keep seeing that over and over again.
Zillow has a few problems. The estimates are based on Boston property tax records which are upated once every three years and don’t allow for current market conditions, the unique qualities of a condo or a neighborhood. Also if you don’t like your zillow estimate you can just change it, that makes me wonder how much faith they even put in the numbers.
One last point, according to Zillow’s own website it states that their accurancy within 5% of the actual sales price for the Boston area is a low 27%. At 10% of the actual sales price, their accuracy increases but still maintains a failing grade for the Boston area of 48%.
I think Zillow estimates zuck.
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Updated: 1st Q 2018