Zillow Pro's and Con's

By
Real Estate Technology with ZipperAgent

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.”

Zestimate table for Boston from Zillow

 

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.

 

4. The algorithm doeBoston Back Bay Luxury Real Estate Teamsn't know the neighborhood like a Realtor does.  it doesn't know that a toxic waste dump was recently found in the area or that a new school was just approved for construction.

 

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.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
Massachusetts
Groups:
Realtors®
Learn to be a Top Producing Listing Agent
MA REALTORS
Boston Rental Agents
Tags:
zillow
zestimate

Spam prevention
Show All Comments
Ambassador
1,615,582
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Sellers should contact local real estate agent to obtain real comps on their home.

Aug 27, 2016 02:23 AM #1
Rainmaker
137,175
J Perrin Cornell
Coldwell Banker Cascade Real Estate - Wenatchee, WA
Broker, ABR, VAMRES

I heard some place that Spencre's home sold for 75% of his own companies Zestimate 

Aug 28, 2016 03:54 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
102,025

Ray Stockwell

Director of Marketing
Ask me question
*
*
*
*

Additional Information