How Accurate Is A ZESTIMATE®?
In today’s digital marketplace, it’s common for homebuyers and sellers to rely on big box real estate platforms as a first step in researching home values. Zillow produces a popular home value estimate called Zestimate®. But what is a Zestimate® really?
Zillow defines a Zestimate® as follows:
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.
Although a Zestimate® offers a snapshot of a home’s value, it is not completely accurate and doesn’t give buyers or sellers the full picture. To get a more precise home value estimate, real estate agents take into account location, school districts, home improvements, and a number of aspects that impact a home’s perceived value.
In some instances, homeowners that rely solely on companies like Zillow, can actually net less money on their home – especially if the seller considers an offer from Zillow and ends up paying exorbitant fees for a quick close.
This is where the use of a local real estate expert can make all the difference. Not only can a trusted real estate broker crunch the numbers and tell you if an offer or valuation is fair, but they can essentially help you launch a property to get the highest returns and negotiate a far better price than Zillow can offer. Working with a seasoned agent to sell your home can also help you achieve more qualified offers in less time, and in some instances, even sell above list price.
Why sell out to Zillow, OpenDoor, or OfferPad, when you can work with a local real estate broker who will put your wants and interests first? A dedicated agent is the greatest tool in a buyer or seller’s arsenal. They have access to comprehensive market data, are often well-connected in the neighborhood, and have valuable insights that the mass-marketed real estate websites don’t.
If you are looking for a strong real estate broker to market and sell your home, give me a call. If you’re looking outside of Colorado we can work together for your buying/selling needs world wide!