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My "ZESTIMATE" is What????

By Holly Meneou

Real Estate Agent with Realty Executives Northern Arizona - Prescott AZ Realtor

May 05, 2011 06:22 AM

Rooster First thing this morning I received an alarming call from a client.

“Holly, our Zestimate says that our house is only worth $417,000….”

Well, it was early and I was trying to wrap my mind around “zestimate”.

I calmed her down and explained that although I understand why people search Zillow’s site, because it’s user friendly, you can put in your own address and get fairly accurate information. It shocks me how the average person thinks that this Zestimate means anything. It doesn’t and can’t take into consideration the upgrades put into your home. I asked my client if Zillow knew that they have $70,000. In custom cabinetry, real hand scraped hickory floors, granite and marble throughout?

She said, “well, no, I don’t think so”.

Of course they don’t. That’s why it’s important to have a real estate professional walk through and consider the upgrades/improvements made to your home. Don’t price your home from a Zestimate …it’s just an estimate!

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Karen Fiddler, Broker/Owner

Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA

Orange County & Lake Arrowhead, CA (949)510-2395

I hear you on this....I get either excited or depressed clients who go on Zillow for this information. ugh

May 05, 2011 06:23 AM

Linda Papallo

Century 21 Access America Licensed in CT - Wethersfield, CT

860 221-8600, Your Wethersfield CT Realtor SFR, CDPE

Holly,

This is a much needed blog topic. We often have to defend our price recommendations due to sites like this.

Thank you.

May 05, 2011 06:38 AM

Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker

RVA Home Team - Richmond, VA

RVA Home Team - Winning with Integrity.

I just had a neighbor tell me how much someone paid for a home...b/c it is what Zillow said. I then looked it up in the local MLS and it was, or course, wrong. I know sometimes they hit the nail on the head, but most of the time it isn't correct!

May 05, 2011 06:54 AM

Mike Mayer

Mike Mayer, Broker/Owner - i List For Less Realty, LLC - Lafayette, LA

Zestimate = GUESStimate. If I recall correctly there is a disclaimer somewhere on their site that indicates their value assessment is not 100% accurate and encourages obtaining professional valuation. When you consider how dynamic our profession is (varying laws, rules, and even Broker models, etc.), then add in national news which doesn't necessarily relfect local conditions, and toss in internet sites offering mis-information, it's no wonder the average consumer is confused!

May 05, 2011 07:16 AM

Bob Stewart

ActiveRain - Seattle, WA

ActiveRain Ambassador

I've heard Brad Andersohn with Zillow explain it as "Zillow provides a Zestimate.....if a consumer wants a zactimate, they should consult a local real estate professional".

The folks at Zillow will be some of the first to tell consumers that they need to consult a local real estate professional to get a true opinion of a homes value. Part of the presentation Zillow does at RainCamp is geared around making sure that professionals know how to use the valuations on the site, and Zillow's own inaccuracy tables, to work with consumers who may be stuck on Zillow's opinion of the value of their home.

May 05, 2011 11:10 AM

My "ZESTIMATE" is What????

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Holly Meneou

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