Almost everyone I know jumps onto Zillow on occasion, just to “see what’s out there.” That’s fine for seeing what’s on the market, but there’s backlash to using Zillow for pricing information.
Take this example: A friend who lives in a rental house in a nice neighborhood decided to check out his home’s value on Zillow, also known as a Zestimate.
“What would you say this home is worth?” he asked me.
“Hmmm (looking around at the condition and features), I’d say $750,000 in this neighborhood.”
“According to Zillow, it’s worth $1,104,000,” he said. Wow, that’s a big difference. It got me looking further into Zillow’s Zestimates, and I realized just how off they often are.
The Zestimate is an AI-powered computer algorithm that takes in millions of data points, mostly public information. However, houses change over time as upgrading (or downgrading) happens. Zillow can only guess at those changes. Furthermore, it’s been repeatedly demonstrated that people can “game” the Zestimate by reporting features for a house, even if those features don’t exist, like an extra bathroom.
If you need a more accurate estimate of your home’s value, just contact me. Send details about your home (condition, size, updates, location factors, etc.) and I’ll run the real numbers. If you’re planning on using that information to refinance or sell, then I’ll need to see the house in person. Contact me: 7182307777