Zillow is the most popular real estate site. Their most famous (or infamous) feature is their “Zestimate” of a home’s value. Their computer looks at the public records information about a house and then make adjustments based on recent solds. It’s just a ballpark figure, but some buyers and sellers treat it as the gospel when it comes to value. What they fail to see is that Zillow can’t know the subjective factors that go into local real estate values. You may have bordering neighborhoods with drastically different appeal to buyers, yet the Zillow computer can’t possibly know that. The same thing applies to some objective factors like upgrades inside the home, landscaping, golf course views, etc. Another big problem is when the public records are wrong, so they miss extra square footage or even a pool.

Even Zillow admits that their Zestimates can be off by about 8% high or low. So on a $500,000 house, that is $40,000 off. But some agents around the country have done their own research and they are seeing MUCH bigger discrepancies, from 11-42%! Around here I’ve seen Zestimates be off by almost $100,000 in some cases.

So keep in mind that Zestimates can be way, way off. If you are just curious, that’s fine. But if you need a more accurate number to help you make some hard decisions about whether you can or should move, you need a local real estate professional who knows your market. They will come take a look at your home, and take into account all the features and benefits of your home, and compare that to the actives, pendings and solds for homes like yours, and then give you an educated opinion of value. If you are curious what your home is worth, send me an email at Brian@SharpHomesOnline.com.


This content was contributed by a user of the site. If you believe this content may be in violation of the terms of use, you may report it.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Thank you for Reading!

Please log in, or sign up for a new account and purchase a subscription to read or post comments.