Is Zillow Accurate?
This question was asked of me recently and I said, no, Zillow is not accurate and here are the reasons why:
- In order to obtain an accurate property values, someone has to see your house. They have to see any improvements you have done over the recent years. Tell me, did a Zillow representative come to your house? I think not.
- Zillow averages the sales in your neighborhood and averages them out to get the value of your home. The homes surrounding your home are different like you may own a Ranch style home but the other homes could be Colonials, Expanded Capes, Victorian, Expanded Ranch. These homes are traditionally larger than Ranch style homes.
- Your home could be more updated in and out, you may have larger property, an in-ground pool, 2 or 3 car garage, beautiful landscaping, etc. So, what if the value you see for your home on Zillow is less than what you really could sell your home for?
Below is the "Zestimate" for my home which I bought in June 2007 for $370,000:
$308,000 for my house? I wish. I listed my neighbor's house earlier this year and it sold for $275,000. The buyer's bank appraiser appraised it for $290,000. My new neighbors moved in with $15,000 in equity. I, on the other hand, have lost $80,000 in equity. For me to sell for $370,000, I will have to wait about 10 years+. Zillow overestimated my house. No surprise there.
See above where it says Zestimate range above? That is how they average out to come up with a Zestimate for everyone's home. It is NOT accurate folks. They will never be accurate, ever.
If you care about your investment that you have worked hard for (your home), then call me for a free, no obligation, more accurate market analysis of your home. 631.703.0201
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