A homeowner in Glenview, Illinois is suing Zillow over discrepancies with her Zestimate. It looks like she is trying to get the attorney general involved because she feels that the Zestimate is extremely inaccurate. There is also a chance that this could become a class action lawsuit.

So, what does that mean for you?

In my opinion, overall, Zillow is trying to do a great job. However, their Zestimates can still be off by as much as 20% from the actual market value of the home. The problem is that when a consumer goes on the site, they think the Zestimate is the truth, which it is not.

Zillow has definitely improved compared to when they started but the Zestimate discrepancies are still huge. Zillow cannot take the condition of the property or the school district into account. Their valuation is based on square footage and is bound to be inaccurate. Zestimate can be off by 10%, 15%, or 20%.

Zillow is a great tool to look at past sales, but I would suggest you take their Zestimates with a grain of salt. Since there are so many different kinds of homes in Chicagoland, Zillow’s Zestimates are bound to be inaccurate.

If you have any more questions about this lawsuit or would like to learn the true value of your home, give me a call or send me an email. I would be happy to help you!