Regardless of whether or not you’re considering selling your home, it’s likely that – at least every so often – you want to get an idea of how much it’s worth. And, if you’re like many people, the first place you may turn to is Zillow, the self-proclaimed “real estate and rental market place that is dedicated to empowering consumers with data, inspiration and knowledge around the place they call home…”.
For the past ten years or so, this popular website has been showcasing more than 110 million homes for sale and for rent, and along with that, the site also provides a “Zestimate” – which is Zillow’s estimated market value of each property, taking into consideration user-submitted data, along with the home’s location, special features, and current market conditions.
Yet, while the site proclaims that the Zestimates are not considered an official appraisal, it does note that these estimated figures can be a “good starting point in determining a home’s value.” Unfortunately, though, due in large part to Zillow’s popularity, these Zestimates may be relied upon a bit too much by consumers on both the buying and the selling end, with the result being a number of home sellers who feel that Zestimates are incorrect. In fact, so much so that the figures provided by Zillow are having a negative impact on some home owners’ ability to sell their home.
While many home owners across the U.S. have questioned the company’s accuracy of these estimated, recently, a lawsuit has been brought against Zillow, citing that the Zestimates are in fact incorrect.
Although Zillow has now launched a data competition in order to improve its Zestimates, in reality, the best way to get a true and accurate figure on your home’s value is to have it done by a professional, local realtor.
If you’ve been considering putting your home on the market, give us a call. We’ll provide you with an analysis of what your home is currently worth, along with a personalized plan for getting it on the market and sold quickly.