Your Zillow 'Zestimate' May Be Wrong

There's no denying the convenience and accessibility of online tools such as Zillow when it comes to buying and selling homes. Many use the home value estimate, or ‘Zestiment’, given by Zillow, as the correct home value when selling their home. But, is the convenience of Zillow's estimates too good to be true?

Third-party valuations are usually incorrect.

Zillow and other third-party estimates fail to correctly price your home. Even Zillow itself gives a disclaimer suggesting that you get a professional appraisal. Many third-party valuations base their estimates on zip codes. This means that your recently updated home could be priced the same as one down the street that hasn’t been updated in decades. They also don’t differentiate between homes in different school districts or outside of city limits. Listing your home based on a third-party estimate is a recipe for losing money!

How experienced realtors properly price a home.

Experienced realtors price a home through much more detailed methods. They consider updates and upgrades. Did you just remodel the kitchen or finish the basement? Your price should reflect this investment. Home conditions are also considered. This means how well the home was taken care of, if it has any major flaws such as roofing issues, or if maintenance has been kept up with. Location is a major factor as well. Homes in good locations, such as close to downtown, in a desirable school district, or in a nice neighborhood, are preferable for buyers and will be priced higher. One huge advantage experienced realtors have is recent sales data and knowledge of local microeconomics. With access to this information, they are able to see what similar homes have sold for recently, and therefore be able to give a more accurate valuation of your home.

Want a no-obligation home valuation from our team?

Lysi Bishop Real Estate offers a no-obligation home valuation from an experienced agent at no cost. Go to this link to see what your home is really worth!