For a (Most Likely) Wrong Home Value, Use Zillow.
Have you ever gone to Zillow to see how much you might get if you were to sell your home? Were horrified by the Zestimate? If so, you’re not alone.
Zillow provides “Zestimates” for homes, and their formula for coming up with that home value is a “proprietary formula” that they won’t share. Makes sense, they are a business. They shouldn’t be expected to give away trade secrets.
Here’s the rub though: Zillow and the values they publish about your home are most likely inaccurate and impacting your ability to sell your home for what it is worth. Plus, they don’t ask your permission to post a “Zestimate” on your home. Doesn’t seem all that fair to post inaccurate info about your home, does it?
I definitely get the appeal of Zillow. It’s easy to use and provides access to what’s on the market. It’s just not all that accurate, so buyer (and seller) beware!
For buyers, Zillow has trouble in many areas keeping their data up to date. I’ve had clients asking about homes they see for sale on Zillow that have been sold for a month.
For sellers, the Zestimate can discourage people from selling their home. Not realizing that they could get much more than what Zillow zestimates.
Overall, don’t put too much stock in the info you get on Zillow. It’s not a bad tool for looking, but there are other resources that are much better.