Can I trust the Zestimate from Zillow when looking into selling my home? Why or why not?
The short answer is… kind of. Zillow’s Zestimate is a tool commonly used by homeowners to get a ballpark figure on what their house is worth. It estimates your home’s selling price based on information pulled from sources like comparable sales and public data. Sounds good, right? Well, that depends.
A home’s Zestimate is only as good as the data that feeds its algorithms. If the data’s off, then the Zestimate’s off. While Doris from Accounting might key in your figures right the first time, Haley from office overflow’s more interested in the state of her manicure. (I mean, my nails, y’all. Am I right?)
Haley doesn’t care if your house is 600 or 6000 square feet. She’s got a 15-minute break in ten minutes and, besides, she doesn’t get paid enough for this. Zillow’s algorithms can’t differentiate between information entered by Doris and Haley. That mistake could affect the Zestimate big time. Zillow doesn’t take into account any upgrades/repairs/replacements that you’ve done unless it detects public data regarding those changes (permits that have been filed, etc.). It also can’t accurately report back on comparables in your area if the market in your area doesn’t have a lot of turnover… that can really add up.
Zillow is constantly looking to improve their algorithms. They acknowledge their information isn’t perfect, but it can be a good starting point. You’ve done too much work to let some computer program, as well intentioned as its creators might be, decide the true worth of your home though.
Well, then what is the best way to get a thorough and accurate reading of your home’s value? Hire a certified residential appraiser. An appraiser will come to your home and verify all of the data personally. They’ll pull the most up-to-date comparables in your area to ensure that you are getting the most accurate figure possible when it comes to your home’s true market worth. You can trust that the figure returned by an appraiser is more accurate because they personally check all of the details and variables that affect the pricing of your property. You won’t leave money on the table when it comes time to make the big calls.
Here at The Appraisal Station, we pride ourselves on providing the highest quality appraisal that we can for our customer. Our certified residential appraisers are fully trained and licensed and are standing by to help give you the knowledge that you need to make the best decisions possible for your home. Looking for an appraisal? Click here for a free quote or give us a call at 614-899-6943.