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Don't Count on Zestimates
Manage episode 150789149 series 1007403
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Ah, the infamous Zestimate.
It's Zillow's value estimate for homes. Why do people have such strong opinions on it? Well, it has to do with the accuracy of the info. We find that the Zestimate is typically off by up to 15% from the actual sales price in Salt Lake City.
To give you an example, I recently closed on a property that had a Zestimate that came in at $258,000. We listed and sold that property in just seven days for $278,000. That difference of $20,000 really mattered to my home sellers. So the question becomes, what went wrong with their Zestimate?
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That equation just can't account for all the variables.
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Zillow gets information through an algorithm that uses comparable properties to come up with the price. That equation just can't account for all the variables in a home's value like renovations or special features of the property. It also can't account for inventory level or interest rates, which both have a strong impact on price.
At the end of the day, it takes a professional who can get in there and do the in-depth research for an accurate assessment of what your home is really worth in today's market. Remember, the Zestimate is a starting point, not your listing price.
If you have any questions about this topic or about buying and selling a home, please reach out to me! Thanks again for watching.
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