How Accurate Are Zestimates?

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Today we are going to talk about the accuracy of Zillow’s Zestimates. As a real estate professional, I’m constantly talking to buyers and sellers. A lot of times they bring up their Zestimate, and ask our opinion on how much stock they should put into that value.

What I can say about Zestimates is that they do a great job of showing you market trends. If home prices have been going up overall, that will be reflected in their Zestimates. However, it’s what Zestimates don’t take into account that has us hesitant about them.

Zillow doesn’t take any remodels or upgrades you’ve done to your home into consideration when determining a value. Nor do they consider the condition and location of your home in their Zestimate.

Zillow takes the averages of all property values, and is usually off by an average of 8% when it comes to home price estimates. That’s a big number, and being off by 8% could cost you a lot in the long run.

The only way to get an accurate, true figure of what your home is worth is by working with a licensed real estate agent. We can come in and take a look at your home, making sure to note everything that plays a role in your home’s value. This will allow us to determine the best list price for your home.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We would be happy to speak with you!

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