LET'S PUT IT TO THE TEST. . .
WHEN DO WE LEARN THE EXACT VALUE OF A HOUSE?
WHEN AN APPRAISAL IS PERFORMED OR THE DAY IS SOLD!
LIKE THIS HOUSE:
SO, WE CAN SAFELY ASSUME THAT THIS HOUSE WAS REALLY WORTH $387,000 ON OCTOBER 11TH, 2016..
WHAT DOES ZILLOW'S ZESTIMATE SAYS ON THE VERY SAME DAY?
SORRY ZILLOW, YOU ARE OFF BY $75,820!!!
SO, LET'S SEE ONE MORE EXAMPLE . . . .
SO, WHAT ARE YOU THINKING ZILLOW'S ZESTIMATE WOULD BE FOR THIS HOUSE THAT SOLD FOR $1,850,000 ON OCTOBER 7TH 2016?
SO ON THE SAME DAY, WE PULLED THE ZESTIMATE .....
AND THE ZESTIMATE SAYS. .
SORRY ZILLOW, YOU ARE OFF BY $286,272!!!
SO, IF YOU WERE THE SELLER OF THIS HOUSE?
AND YOU LOOK AT ZILLOW'S ZESTIMATE TO HAVE A GENERAL IDEA WHAT YOUR HOUSE WOULD SELL FOR?
...AND YOU ARE MAKING A HUGE LIFE CHANGING DECISION TO SELL OR TO STAY BASED ON THIS PRICE. . .
SHOULD YOU RELY ON ZILLOW'S ZESTIMATE FOR THIS?
OR SHOULD YOU CONNECT WITH AN EXPERIENCED, RELIABLE BROKER THAT WILL GIVE A MORE ACCURATE ESTIMATE OF YOUR PROPERTY'S VALUE...
SO YOU CAN PROTECT YOUR EQUITY. . . AND TO MAKE AN EDUCATED (MORE) ACCURATE DECISION
iF YOU ARE THINKING ON SELLING YOUR HOME SOON. .
IN MD, DC OR VIRGINIA
YOU SHOULD START WITH...
..AND WE WILL PROTECT YOUR EQUITY!
This is not an attempt to discredit the general value Zillow provides to the public but, as a Broker that specializes in selling homes, I witnessed and experienced many instances throughout my career where homeowners are refraining from moving forward based on the "perceived" accuracy of Zillow's Zestimates, ...and even worse in some cases, where homeowners are selling their homes losing thousands of dollars from the equity of their homes because they were unaware of it's real value. (as depicted in these two examples)
Zillow has an important function for all real estate related transactions in the US. . is just that I wish they were MORE UPFRONT in warning homeowners of the real accuracy of their Zestimates. . or even better, why have it? since we know its not an accurate figure. . . and let the "LOCAL" Realtors out there provide this valuable service of ESTIMATING THE VALUE OF A HOME.
(Hint* The value of any property is subject to the price a buyer is willing to pay)