To quote Zillow’s website; “The Zestimate® home valuation model is Zillow’s estimate of a home’s market value. The Zestimate incorporates public and user-submitted data, taking into account home facts, location and market conditions. It is not an appraisal.”
So, what does that mean?
Simply, this is Zillow’s tool to give sellers an IDEA of what their home might be worth. I use the term might very loosely here… keep reading.
What is it based on?
Zillow states that the “accuracy depends on the amount of data we have for the home”. How do they get this data? From YOU! From every homeowner that has logged into their site and put in the information about their home. Yes, they pull tax records and some Multiple Listing System (MLS) data, but they ask uses on their site to up date their personal home information themselves in order to get more accurate results.
So… does this work?
Maybe… maybe not. Do YOU know the true architectural style of your home? Do you know the building amenities that give the most value? If you are updating your facts to show a new roof, are you sure your neighbor is doing the same? What if they take for granted that everyone has an updated kitchen? Or what if they think theirs is updated because they remodeled when they moved in…. 10 years ago?
Confused? I am not surprised. Hang on… I have a solution. Call your local realtor – me. Zillow states: “We recommend that real estate agents and other professionals gain a basic understanding of how the Zestimate is calculated and how to read the Zestimate data accuracy table. This will help them explain to their clients why the Zestimate is a good starting point and historical reference, but should not be used for the final pricing of a home.”
Call me and let’s walk through your home together – show me what you have an have not done – what you love and what you would change if needed. Then, let’s compare them to homes I have seen in your local neighborhood and others that have recently sold. Let me pull comparable properties and property tax records, compare tax assessments and lot sizes as well as home amenities, condition and location. A Zestimate cannot do all of those things… but I can. Let me be your trusted, local real estate professional.
Zillow information found at: https://www.zillow.com/zestimate/