Since a lot of people seem to be on the subject of Zillow and their recent Q4 Home Value Report, which we should point out is a “press release” (serving its purpose of creating buzz), we thought we’d provide one little snapshot that will certainly get shoved under the rug by most, San Francisco, CA one year change in value +3.6%:
“As a real estate attorney who obtains appraisals regularly, I have found that Zillow’s results are always significantly off of appraised value, occasionally far off,” said William Warhurst, a partner at Redwood City’s Hannig Law Firm. He thinks the site’s Zestimates are off by 10 to 15 percent.”
And what’s up with the $55 Million 2901 Broadway as our city’s representative picture of an “average” home for sale in San Francisco? Maybe they should change that.
[Update: Some clarification from David at Zillow. Glad to see they’re listening.
Hi, it’s David from Zillow,
Just to clarify; the photo shows the most popular home in the city (as measured by page views on Zillow), not the “average” home. Regardless, it’s good feedback that you were expecting to see an image of an average home – I’ll pass it on.
William Warhurst must have been looking at some pretty weird appraisals when he reached those conclusions. In reality, most (61%) of the Zestimate values in San Francisco are within 10% of sales price – and 35% are within 5%. You should absolutely consult a local expert when deciding on a list price or what to offer but for researching home values, Zillow’s a good starting point.]
–Zillow’s report shows bad news for large areas but most of the peninsula continues strong [3 Oceans Real Estate]