Issues with Zillow

By
Real Estate Agent with Locations, LLC RB - 19772

Why The Locations Home Valuator (LHV) is Better than Zillow。

 

No one wants to overpay. The LHV is better because it is more accurate.

 

Of all listings sold in Honolulu county, the LHV provided a value within 10% of the Actual Sold Price for 94% of homes.  Of all listings sold in Honolulu county, Zillow provided a value within 10% of the Actual Sold Price for 86.7% of homes

 

Issues with Zillow:

 

Zillow uses zip codes to get their values . 

The Locations Home Valuator  uses comparable properties in the same Neighborhood to generate our LHV values

 

For Example: Think about Palolo, Kaimuki and Kahala all being in the 96816 zip code…if you use Palolo comps to determine the value of a Kahala property, and vice versa, your value is going to be inaccurate

 

Listing information on Zillow  is frequently inaccurate and/or out of date . Sold listings showing up as being active; Inaccurate public record data (wrong sq. footage, beds/baths etc).  Inconsistencies like these all lead to inaccurate valuations.

 

The LHV also provides our clients with sales charts, graphs and trend information, to help creat a fuller picture of the market activity in YOUR Neighborhood.  It’s more than just the property value but an overview of sales activity and market trends in the neighborhood they care about most.

 

The LHV Advantage:

The back‐end that powers the LHV is also used to value assets for:

  • Freddie Mac
  • Fannie Mae
  • Large lending institutions
  • Mortgage Insurance companies
  • It is subjected to ongoing monthly testing to ensure quality and accuracy….consumer grade valuation tools (like Zillow) aren’t held to the same testing and accuracy standards.

 

Please Note: The tool that powers our AVM is the most powerful and accurate tool of its kind….However I feel it works best for single family homes vs town homes or condos , also  there are certain types of property and characteristics that make particular homes hard to value accurately:

  • Waterfront (unique/limited comps)
  • Luxury homes and Penthouses (unique/limited comps)
  • Properties that have not been resold for extended periods of time (no

recent sales value to factor against market changes)

  • Extensively upgraded interiors (LHV can’t see under the roof)
  • Large lots with limited buildable space
  • CPR’s (address syntax)

 

 

Everyone who owns property cares about what is happening to their property value!

What's Your Hawaii Home Worth?

Enter your address to find your home's value.

 

 

Feel free to contact me at any time and with any questions .

 

 

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I am looking forward to hearing from you and helping you to make your next move or just learn anything you would like to know about Hawaii, cool places to visit an dtings to do ! 

Elena Roud ®  Locations, LLC Fine Home Specialist

808-224-7274

e-mail me: Elena.Roud@LocationsHawaii.com

I am looking forward to hearing from you!   Let's Connect 

 

Comments (1)

Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This isgood information for home owners who want to know the value of their home. 

Jul 14, 2017 07:12 AM