Zillow vs. Reality

TRI-CITIES, WA - A recent study out of the Tri-Cities is showing Zillow may not have the best estimations - or 'zestimates' - on its website. 

The research shows the error rate here is worse than the rest of Washington  and the country.

The team spent about five months conducting this study. In that time they found a typical $300,000 house in the Tri-Cities has a Zillow Zestimate that's almost $17,000 too high. 

This study done in the first half of 2019 of over 500 homes in our region found there to be a median error rate of 5.6%. 

This is significantly worse than Zillow's self-reported error rates of 2% across Washington state and 4.5% across the U.S. 

The study also found that the more expensive a house is, the more inaccurate its Zestimate is. Houses in Pasco have the lowest error rate, but houses in West Richland have the highest.

Pasco Zestimates (2% median error rate), Kennewick (7.7%), Richland (8.2%) and West Richland (8.7%).

"In a world where people go to YouTube to learn how to tie a tie or replace a toilet, it's natural to think you can just go online and figure out how much my house is but that's not the case here,"says Cari McGee, realtor at Cari McGee Real Estate Team.

In the study found across the Tri-Cities, about 16% of homes had Zestimates that were at least $50,000 wrong.

McGee says at the end of the day the best thing to do if you're in the market for a house is to go to professionals to get accurate estimates. 

For more information on this study, head to: https://www.carimcgee.com/zillow-vs-reality/

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