Today I want to talk to you about Zestimates. Buyers and sellers who look to Zillow’s Zestimate for an idea of what a property is worth contact me all the time.
This can cause issues because Zillow uses an algorithm which draws on averages to determine value. Zestimates can’t account for many aspects of a home. For example, they don’t factor in whether a home still has its original 1970s orange shag carpet, or if it has been completely updated with a new stainless steel kitchen.
Zillow’s algorithm only takes into account tax records and user-submitted data. As a result, Zestimates are typically off by 10% to 20%.
Just like you wouldn’t expect WebMD to accurately diagnose your health problems, you shouldn’t expect Zillow to accurately price your home.
If you want an accurate evaluation of your home’s value, you will need to bring in a professional. You will also need a professional marketing plan if you decide to sell it.
If you have any questions about buying or selling your home, please don’t hesitate to call or send an email. I look forward to hearing from you soon.