Zillow Pro's and Con's
Zillow is great at providing consumers with access to data that can be helpful. It is a convenient source of information..
Zestimates are a problem. Zillow’s website states, “The Zestimate home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location and market conditions.”
Things that will help you better understand Zestimates:
1. Appraisals are appraisals: Zestimates are based on the physical attributes, tax information and previous sale records of homes. The algorithm doesn't know the special things about a home, things like upgrades and additions, that can affect the value of the home.
2. Zestimates are currently within 20 percent of the final sale price 82.5 percent of the time, according to Zillow's FAQ. So a Zestimate could be 20 percent higher or lower than a home’s actual value. That’s a margin of error that is statistically significant.
3. A comparative Market Analysis will show you a better picture of their homes value because it takes more into consideration and is based on an actual tour of the home.
If you want to know the true vaule of your home we would be happy to arrange a time to meet with you.
Click on the picture to the left to schedule an appointment or just to get more information.