Zillow: The Good, the Bad, and the Ugly
As a real estate professional, I'm continually bombarded by the question, "Why does Zillow price my home differently?"
If we go on Zillow's website, this is how they explain it: The Zestimate is created by an automatic software process designed by statisticians, and there is no ability for humans to manually alter the Zestimate for a specific property.
To make that more clear, let's say a home is estimated to be worth $500,000. If the Zestimate is off by 10%, that's a difference of $50,000! If the home is underpriced, you're missing out on tens of thousands of dollars. If your home is overpriced by 10%, it will sit on the market for awhile, and you might have to drop the price, causing buyers to wonder what's wrong with the home.
It's been estimated that Zillow's home estimates are only right 7% of the time. That means that they are wrong 93% of the time! That is a terrible success rate.
Remember, Zillow can't take features or upgrades on your property and compare them to other recently closed homes in your area, even though doing so gives you a more updated value on your property. Zillow doesn't walk through your home, and that's where my team can come in and place an accurate value on your home.
Ultimately, if you want the most accurate price for your home, make an appointment with a real estate professional. We will go over your home and the local market data in order to give you the most accurate home value.
If you have any questions, or if you're interested in a home valuation, give us a call or send us an email. We look forward to hearing from you!