Why You Shouldn’t Rely on Zillow’s Zestimates for an Accurate Home Value
Fort Worth TX Mitchell Group Real Estate Podcast
English - October 23, 2018 21:53News real estate for sale agents top local find agent home Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Whether you’re a buyer or a seller, it’s not always a good idea to rely on Zillow’s Zestimates, and today I’ll tell you why.
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It’s not always a good idea to rely on Zillow’s Zestimates to find a home’s value.
Why? Zillow uses an algorithm to determine a home’s value, much like the algorithms used to assess the value of a large pool of mortgages bought and sold in the market.
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Zestimates can be off by as much as 25%.
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According to market research (and even Zillow’s own website), Zestimates can be off by as much as 25%. Zillow maintains that their Zestimates are a good place to start in terms of valuing a home, but they also state the following:
“Please know that we, Zillow, do not intend for the Zestimate to replace a comparative market analysis, as they can take into account market intricacies that the Zillow Zestimate cannot.”
The truth is, a Zestimate simply can’t replace the market expertise of an agent such as myself, who studies the market all day long.
If you’re curious what your home is worth in today’s market or you’re thinking about buying or selling, don’t hesitate to give me a call or send me an email. I’d love to help.