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Why Your Home's Zestimate Can Be Misleading
I recently listed a Raleigh NC luxury home for sale that had a Zestimate of about $936,000.  I contacted Zillow and offered details about the unique features of the home and corrected the square footage.  As a result, the new Zestimate is about $1,100,000.  The original Zestimate was off by about 18%.  Zillow cannot get inside your home.  Zillow can't know the features of your home that add value.  Zillow can't know about improvements that you have made that add value.  Zillow does not hire an appraiser to accurately measure the home.   Zillow cannot advise you about simple things you can do to add value to your home.  Zillow doesn't know that your home is in a location that is booming due to a new commercial hub.
Why Zestimates can be Misleading There are aspects of a Zestimate that can mislead:
Zestimates lack of accuracy in listing information.  The listings many times do not reflect important details that are valuable, and the Zestimates are very often off by a significant percentage. [In a  Washington Post article, a Washington D.C. brokerage was quoted for documenting that Zestimates are getting worse. Of 500 estimates, the values ranged from 62% under, to 150% over the actual sold figures.]
Zestimates Are ... more

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