Zestimates BEWARE

Dated: 02/25/2018

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Zestimates BEWARE


As you know Zillow estimates of home value have become the bane of so many real estate agents. One of my best home selling tips of course is to price your home correctly from day one! Unfortunately, many sellers look at the Zillow estimate and place stock in it! We all want to believe our homes are worth more than what the neighbor sold theirs for. Sometimes Zillow will validate what sellers believe their home should be worth.


Algorithms are not accurate. If only valuing property was that easy. Buyers and sellers wouldn’t need to do anything but look at Zillow. That my friends is foolish. Zillow places these Zestimates of value on millions of homes across the country. Guess how many Zillow actually visits? If you guessed none you would be correct! You could drop $50,000 in improvements in your home tomorrow and Zillow wouldn’t know you did a thing.

Zillow’s estimates of value rely heavily on information that may not even be correct. For example, the town data is often incorrect yet Zillow uses this information. Assessed values are also highly influential in their algorithm as well. Most people with any kind of understanding of market values realizes that there is very little correlation with assessed value and market value.

When selling your home you should always do one of two things. Either hire an appraiser to evaluate your market value or hire a skilled local real estate agent. It is important to check the agent’s qualifications of pricing accurately. Many agents list homes and have numerous price reductions before their properties get sold. This is not what you want. Homes listed correctly from day one fetch more money than those who have been reduced.

 

Thinking about Selling in 2018? Contact us for a market analysis so we can get an idea of how we should price it to get it SOLD!

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Lenore Smith Realty Group Inc .

It is essential to find a home that suits your personal tastes and accentuates a style you identify with. As your Realtor, I focus on the little things as well as the entire picture to ensure that the....

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