How accurate are the estimates on Zillow?

[Kyle Freed]

Hey BP community, quick question: How accurate is Zillow on property values? I'm constantly looking at houses, and I always look at what houses previously sold for. Typically, there is some decent info on the sales history, but I have come across a house in my area that has really intrigued me. Zillow doesn't list any previous sales history, but it has a pretty high "zestimate". In my opinion the asking price on the house is a little high so I feel that there is some room to go down on the offer. I have looked to Zillow to compare prices of houses in the same neighborhood/same street. I have only found one with previous sale price records, and the rest are all "Zestimated" values, and there is a range from 15-50k difference in value. So yeah, any input and opinions on this would be much appreciated. I have over 10 years experience in residential construction/remodeling and I am determined for 2018 to be the year I start REI through flips and/or rental property. BP, thank you!