I’ve been getting asked a lot about the Zillow Zestimate lately. Here are a few of my thoughts.
As you may or may not know, the Zestimate is created by using an algorithm that compares your home to others that have recently sold in the area. While this algorithm does take square footage, bedroom count, and other market data into account, there are many things that it doesn’t.
Things such as remodels, roof condition, the view, and the neighbors all have an impact on the home’s value. The Zestimate takes none of this into account. Zillow even said that the Zestimate is just a tool and shouldn’t be relied upon to determine a home’s value. It’s right on their website. Even the CEO of Zillow had his home overvalued by 40%.
I like Zillow and I’m sure you do too. It’s a fun way to browse homes. However, if you’re trying to determine your home’s true market value, give me a call or send me an email. I would be happy to help do that for you. I look forward to hearing from you soon.