If you're a homebuyer, home seller, or even just a little curious about the real estate market, you've been to Zillow.com. It's the most popular real estate website in the world, and offers "Zestimates" on homes based off of comparable sales in the area. The problem, by their own admission, is that zestimates aren't very accurate in Hawaii and can give buyers the wrong perspective on home values and trends.
The reason it's more inaccurate in Hawaii than other states is because Zillow measures average home values by zip code. In mainland states, zip codes are usually comprised of similar neighborhoods, properties, and prices. Since our island is built much differently than the mainland, zip codes in Oahu encompass a diverse collection of homes and condos across all price ranges that, when grouped together, provide highly inaccurate averages and estimates.
Zip codes on Oahu include a spectrum of homes from affordable condos worth $250K to beachfront mansions worth $25 Million. With a range that extreme, all it takes is one luxury listing to throw prices off for the entire zip code.
Our solution? Don't value Hawaii properties based on zip codes, use neighborhoods instead.
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Since 1969, Locations has been committed to helping you achieve your real estate goals. The Locations Home Valuator is a big step forward in giving you unrivaled access to real estate information and analysis that help you make the best possible, most informed decision. Our data capabilities combined with the unrivaled local expertise of Locations agents give you a distinct competitive advantage in a highly competitive real estate market.