Can You Trust A Zestimate
Can You Trust A Zestimate
We’ve all seen the Zestimate. It’s Zillow’s estimation of your home’s worth. You can look your home up on Zillow and see this number right now! But is it even accurate? Can you trust it, especially in a market as volatile as this?
For those of you that don't know me, My name is Joe Cusimano and I'm a local real estate broker with over 16 years of experience in helping home sellers in our area get the most money for their homes and I'm going to explain what the zestimate is...and more importantly, what it is not. So here we go
Zillow gets that estimation from an algorithm it’s developed that looks at many factors, including the recent sale of homes in your area. And, to be honest, it’s gotten a LOT better over the last
few years, mainly as Zillow has amassed more and more data points on homes in every city.
But the reality is that Zillow’s estimation of your home’s worth is only as good as the data it has and according to zillow's own website here in the las vegas area only 48.97% of the time is their zestimate even within 5% of the transaction price. Meaning they're MORE than 5% off over half of the time. On a $600,000 home that's at least $30,000 off.
Why is that?
Yes, Zillow knows what other homes sold for in your neighborhood. It most likely knows the
square footage of your home, and how many bedrooms and bathrooms it has. But does it know
that you recently updated your kitchen? Or that you just put on a new patio cover? Or that your roof
and furnace are only 2 years old? No, of course not! And to further complicate things, Zillow has a harder time estimating value if you live in a neighborhood with varying ages of homes. Old homes and new homes mixed together, or older homes with newer additions, confuses the algorithm and muddies the waters.
Bottom line, the BEST way to get an accurate estimate of your home’s real market value is to set up a quick appointment with a trusted real estate agent who can take into account all the
updates and work you’ve put in, and get a real snapshot of your neighborhood and the current
market conditions to give you a MUCH more accurate picture of your home.
Don't settle for an online estimate, get a real OFFER, We work with an institutional buyer who will make you a REAL market value cash offer.
Call or Text me at 725-712-8937 if you’d like to know the REAL market value of your home or click the link below:
Finding out is FREE and there is No Obligation
