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Is Zillow accurate? Are Zestimate's even close to the right price?
How accurate is a Zillow Zestimate? Like what's in grandmas's shopping cart - DEPENDS.
If you live in a monstrous standard subdivision of homes, all built by the same builder, from 5 floor plans, with little variation, your Zestimate might be pretty accurate. But if you live in a custom area, with assorted lot sizes and varying size of homes, forget it. Zillow won't even get close.
Zillow works on the averaging principle. Using a fancy schmanzy math equation that is uber top secret, Zillow crunches the numbers from past sales (comps) to statistically guess at your home's value. Without even seeing it. Without knowing if you have an outdoor kitchen or a sink hole in your backyard. Without knowing if you have green shag, or Brazillian cherry hardwood floors. Or a new slate roof. It doesn't know squat - except your square footage and # of bedrooms. so if your surrounding homes are like yours, your Zestimate might be close.
Let's zestimate how tall your Realtor will be. Hmmm.... American woman, 2015, "comps" say she will be 5' 4". But I show up to list your home and I am 5'10". "WHAT??? That is 9.1% off! Something's wrong. You can't be ... more
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