How Accurate IS Zillow...Ugh!! Where do I begin????Clients have asked me so many times about the estimates of value on Zillow that I imagine everybody's been wondering about whether Zillow is
How Accurate is Zillow???
How Accurate IS Zillow...Ugh!! Where do I begin????
Clients have asked me so many times about the estimates of value on Zillow that I imagine everybody's been wondering about whether Zillow is accurate with its Zestimate. I think the first thing to understand is what Zillow is not. Zillow is not in real estate. I don't know of any real estate agents who work at Zillow. It is not a public service like a library. Zillow is a business website, established to lure eyeballs who want to gaze at homes and, in turn, to sell advertising to real estate professionals. It is a website whose primary focus is to make money selling advertisements. Believe me, it is not some company that is passionate about real estate.
Let’s say you are thinking of selling your home and wondering what it’s worth. I know it’s easy to go to Zillow and satisfy your curiosity within just a couple of minutes. However, be careful about falling in love with home value estimates you see online because many are far above market value. Then again, some are significantly below the current market value as well.
Many home sellers “attach” themselves to inaccurately high estimates and overprice their homes for sale and then it's emotionally hard for them to lower the price.
Home listings that start out way overpriced will linger unsold and end up selling for less than if they were priced more accurately when they first hit the market and buyer interest was by far the highest. Additionally, buyers will absolutely move on to other properties in their price range for that neighborhood, so that even when you do reduce your price, they may never give your home a second glance, regardless of the price.
Just to get a quick glimpse into the inaccuracy of online home value estimators, check out the value estimates for your home on Zillow, Realtor.com, Redfin and Trulia, and you’ll likely be shocked at how much they differ.
In all reality, Zillow can't predict how a buyer will feel when he/she enters the home. Zillow can't tell you whether the interior has been updated, if the workmanship is superior, or whether the materials used are inferior. They don’t take into account whether there is a landfill around the corner, whether it backs up to a gas station, or any other number of factors real estate agents and appraisers use when they know the neighborhood and have inspected the home in person.
The bottom line is, in life, there are 3 human factors that digital technology cannot replace: experience, values and judgement – sorry (not sorry) Zillow!
If you are looking to get an estimated market value on your home, feel free to call me. I can provide a thorough analysis of your home, at no cost and no obligation. As always, if you even have a simple questions, I always happy to help.
As a full-time Realtor, Roberta Torres has been providing a superior level of service to her clients since 2004. She thrives on building long lasting relationships by educating her clients. She believ....