Here’s why a Zestimate should always be taken with a grain of salt.
Today’s market is more complicated than ever before, with iBuyer programs, guaranteed offers, and many other trends impacting the market in all sorts of unprecedented ways. Several years ago, sites like Zillow that offer automated estimates of value would churn out estimates that could be radically inaccurate. In fairness, Zillow has since honed their algorithm, making their estimates (aka Zestimates) much better than they used to be.
However, this doesn’t change the simple fact that Zillow has never been—nor will ever be—inside your house; they have no clue what you’ve done to improve it, how the space feels, or anything else that would be glaringly obvious to someone who sees it in person. All they know is the size of your home, how other properties are selling in your neighborhood, and in some cases, just the general vicinity of your city. Simply put, relying on a Zillow Zestimate or any other online estimator is like watching “Good Morning America” to get your local weather; it can give a general idea of what’s happening in your region, but not your specific area (certainly not your neighborhood).
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The reality is, Zillow has never been—nor will ever be—inside your house.
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Such generalized information can be a good starting point, but you need a professional to come into your house to give you a more precise estimate of what your home would actually sell for in today’s market. I would love for that person to be me! So, if you want me to tell you what your home is worth, please give me a call or send an email. I’d be more than happy to be your real estate resource. Thank you, and stay tuned for more great real estate insights!