Well, it would be an exaggeration to say Zillow is the bane of my existence, but it’s kinda true! Sometimes their Zestimates are high, sometimes they’re low, and sometimes they get it right. Pretty reliable, huh?
Here are a few things that come into play:
- Zillow has never been in your house. They don’t know if you just spent $100,000 on a kitchen remodel, have the original kitchen, or did a little sprucing with paint and formica.
- They pull some of their data from the tax records which are often inaccurate. So, they might not only have the wrong amount of square footage BUT again, they haven’t been in your house so is the basement finished or a leaky mess with low ceilings??
- I recently had a client whose Zestimate was more than $200,000 over what the house actually sold for in this really hot market. Also, I recently sold a wee little house for more than $40,000 over the Zestimate.
So what does all that mean? Zillow definitely serves a purpose, but that being said, I would never take their word for what a house is worth, and you shouldn’t either. If you want to know more, you should talk to a real estate agent that comes to your home and compares it to current comparable houses in your neighborhood. That is my job, and I would like you to call me, of course.