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Many prospective buyers and sellers use Zillow as a starting place to gain a better understanding of the value of a property. The problem is that Zillow has a wide range of values. In fact, there is a disclaimer on their website that says the valuation can be off by 5% to 20%. This is based on information that Zillow has, and their data isn’t always accurate.
At this point, Zillow does not have all sold data, so it relies on poor numbers. Zillow is an advertising company that focuses on generating leads. Zillow promotes homes that are already under contract, or pre-foreclosure properties that actually don’t end up being foreclosed.