This is a great example of just how far off Zillow is. Here in Lancaster County Pa, they seem to be off about 15% most of the time. Why anyone would even consider using Zillow for anything is beond me. There are many good sites sponsored by local agents that people have free access to.
"I took a look on Zillow, and they show an estimated price of $900,000"
So began the email from a client who is somewhat interested in purchasing a home in Redwood City, CA, one that is currently listed around $929,950.
The Zillow discussion then ensued. Zillow is a fun site, but buyers, sellers, neighbors -- please remember that even Zillow doesn't claim their "Zestimates" are hard and fast values. There are too many variables that square footage in the area can't address.
- Have there been updates? Remodeling? Or is it in close to original condition?
- What is the outlook of the property? Beautiful view or an ugly shack across the way?
- Do multitudes of utility wires crisscross the property?
- Does this property fall in the same school zone, as other nearby homes? If not, are the schools comparable?
- And what about auditory matters?
And then, I showed him the following Zestimate of a property I listed last February. Zillow thought the house worth about $956,000. The sales price?
$1,207,000! That one was off about 21%
Bottom line: have fun with Zillow, but allow your REALTOR® to prepare for you and explain a comparable market analysis.
--- Just another benefit of living in San Mateo County and the Silicon Valley!
Lottie Kendall, Realtor
Today | Sotheby's International Realty
San Carlos, California, 94070