Can You Trust a Zestimate to Give an Accurate Home Valuation?

The Zestimate has been around for a while. As real estate professionals, we're continually bombarded by the question, "Why does Zillow price my home differently?"

How Accurate is it?

If we go on Zillow's website, this is how they explain it: "The Zestimate’s accuracy depends on the availability of data in a home’s area. Some areas have more detailed home information available — such as square footage and number of bedrooms or bathrooms — and others do not. The more data available, the more accurate the Zestimate value will be." 

To make that more clear, let's say a home is estimated to be worth $500,000. If the estimate is off by 10%, that's a difference of $50,000! If the home is under priced, you're missing out on tens of thousands of dollars.

If your home is overpriced by 10%, it will sit on the market for awhile. It will become "stigmatized" causing buyers to wonder what's wrong with the home. It will likely take one or more price reductions to entice an offer and then the offer will probably be less than your asking price - sometimes by a lot!  

What a Zestimate Can't Do...

Remember, Zillow can't take features or upgrades on your property and compare them to other recently closed homes in your area, even though doing so gives you a more updated value on your property. Zillow doesn't walk through your home, and that's where our team can come in and place an accurate value on your home.

Ultimately, if you want the most accurate price for your home (without paying for an appraisal,) make an appointment with a real estate professional. We will tour your home, find out it's features and upgrades and then look at the local market data for comparable homes in order to give you the most accurate home value.

If you're thinking about selling your home, you should get a FREE home valuation from an agent, not a website. Agents base it on the local market and actual condition of your home (similar process to what an appraiser does.) Then you can prepare your home for market and sell.

Call The Evelo Team or send us an email if you are interested in a free home valuation. Our agents pride themselves on providing a prospective seller with timely, accurate data. That way you can make the best decision for yourself/your family.

We look forward to hearing from you!

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