Zillow and its Zestimates have become a common topic of conversation. Here’s what you should know about them.
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Every time we do a market evaluation on a home, we pull up its Zestimate and we are also pulling up recent comparable sales numbers. After reviewing dozens of these Zestimates and comparing them with the home's actual market value, I have a few thoughts about them.
The first is that they are extremely good at analyzing large amounts of data. If you had 10,000 homes as a sample size, the numbers would be right on the money.
However, when it comes to individual homes the numbers aren’t as accurate. In fact, they are off by 15% to 22% nearly 70% of the time. It’s a good tool to use when you’re just starting the process, but when you’re trying to come up with an actual list price for your home, there is a much better way to determine what that price should be.
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If you have any questions about the value of your home or if you or someone you know is looking to make a move, don’t hesitate to give me a call or send me an email. I would love to hear from you.
We can get you an accurate home valuation.
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