Can you trust a Zillow Estimate (Zestimate) to give you a good idea of the value of your home?
Let’s put this into perspective. Would you marry someone without ever seeing them? Let’s just say you had looked them up online and read their linked in profile, seen their picture and really good idea of what they were like and how they looked but you never spoke to them on and never saw them. Would you marry them? Well, me either.
That’s sorta like trusting Zillow to value your home. You see zillow is an algorithm based on public data. Zillow has never seen the inside of your home and it’s a computer.
Zillow comes up with their estimate for the value of your house based upon what your neighbors are selling their houses for. They look at things like size, bedrooms, bathrooms, lot size etc. and they compare them to your neighbors. If all the homes in your neighborhood are very similar and you’ve been seeing lots of sales in the last six months, they may have a good idea, but if the homes are more diverse or there haven’t been that many sales on your street lately, it’s harder for a computer to make a good guess.
Plus, things they cannot take into consideration are upgrades, views, location, if your home is on a busy street or in a cul-de-sac, and whether your neighbor’s house is well-kept or has rusty cars and a junkyard dog barking all day.
And ALL of these factors have a huge impact on the value of your home Zillow even acknowledges that their lack of accuracy, stating that In the U.S. as a whole, Zestimates are currently within 10% of the final sale price 71.5% of the time.
And they encourage you to get a more accurate evaluation by a licensed Real estate broker or appraiser. That’s why you need my team and me. We live and play in this area and I partner with dedicated professionals who will help make your real estate transaction smooth every step of the way.
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According to an article in the Seattle Times a while back, they reported Zillow estimates were off by an average of $40,000. So if you’re just curious and want a rough ball-park, that’s one thing, but if you REALLY want to know what your home is worth call a professional like me who has the experience and ability to assess the value of your home based upon taking everything into consideration, not just things they can see on public record. So call just click below and I’ll get you a custom marketing proposal from a real live person.
This has been Emily Cressey with the HomePro Associates Team at HomeSmart, and we are here to serve!