28 Mar Zillow-Schmillow
When it comes to looking at real estate, Zillow has become one of the most popular websites for the casual browser. While it’s fun to look around, the Zillow “zesstimate” is far from accurate. Zillow’s zesstimates are determined by a generic formula and while Zillow.com claims that their estimates have a median-error rate of 5%, there are some very real risks involved with using Zillow to estimate the value of a home. Even Zillow is quick to claim it’s not an official appraisal.
In short, Zillow is using a standardized algorithm that does not take into account:
- Any interior improvements made to the home
- New fencing or improvements made to the outside of the home
- Unique or unusual features within the home
- Neighborhood demographics, traffic, and schools
As much fun as Zillow may be for window-shopping, it should not be relied on for accuracy. Contact an experienced realtor like Chrystal Yates. Not only can she guide you through accurate numbers and paperwork, her years of expertise can help you negotiate to make sure you get the best bang for your buck — whether you’re a buyer or a seller!