Zillow Offers Estimates Of Your Home Value But The Error Rate Can Be High
Are Zestimates accurate? And if they’re off the mark, how far off? Zillow chief executive Spencer Rascoff answered that they’re “a good starting point” but that nationwide Zestimates have a “median error rate” of about 8 percent.
When “CBS This Morning” co-host Norah O’Donnell asked the chief executive of Zillow last week about the accuracy of the automated property value estimates — known as Zestimates — that can be found on his company’s Web site, she touched on one of the most sensitive perception gaps in American real estate.
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