Zillow’s own CEO sold his home for 40% less than the Zestimate.
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Can you trust Zillow home valuations?
It’s very risky. All Zillow does is create an algorithm, which is a mathematical equation that is right sometimes and wrong many other times. When looking at different neighborhoods, the type of neighborhood you're in can go a long way in determining how close Zillow’s Zestimate will be.
If you’re on an acre of land in a farm community, the Zestimate may not be as accurate as it would be if you were in a tract home community. Zillow can’t see the inside of your home. They don’t know about things like updates or whether the home was a distressed sale. There are simply too many factors that go into a home’s value, so you need to work with a trusted real estate advisor to get an accurate home valuation.
Zillow’s own CEO sold his home for 40% less than the Zestimate.
In fact, Zillow's CEO himself probably doesn’t trust their Zestimates. He recently sold his home for a staggering 40% less than what that Zestimate said it was worth!
If you have any questions about home values or you’d like a free, accurate valuation of your Phoenix home, give me a call or send me an email. I’d be happy to help.