At Charlemagne Int'l Properties we have a love-hate relationship with Zillow. We think it is wonderful homeowners can go to the site, type in their home address, and presto, they have the value of their property. Or do they?
We recently had a seller contact us, and he was in a jubilant mood due to Zillow's estimated value of his home. He was ready to list it for sale until we gave him the real scoop on its value in today's market. Zillow's price was about 25% above actual value.
Zillow sometimes hits the value on the nose, other times they miss it by a mile. You'll never know the true price until you have a local expert view the home. You see, Zillow has never stepped inside your home. Zillow does not know if you have a bigger and better view than homes recently sold in your area. Zillow doesn't know if your kitchen is cutting edge modern or campy 1950's style.
Zillow's efforts are to be admired, but it takes local expertise, geographic familiarity, and on-site eyes to pinpoint real estate values.
Norma Toering, Broker at Charlemagne Properties