Zillow’s Zestimate vs Reality

Zillow Zestimate & Your Home’s Value

Zillow.com is an awesome tool that provides homeowners and homebuyers information on homes they own or homes they would like to buy.

What is the value of your home?
What is the value of your home?

Unless you crawled out from under a rock yesterday, I realize most people already know about Zillow.  What you might not know is that their estimated value for homes is often at odds with the research and data that REALTORS® and appraisers use to determine a home’s value.

There are many reasons why this happens. Some of those reasons are lack of local market knowledge, too large of an area used for comparable houses, and especially in Idaho a lack of accurate data due to state law. Idaho will not provide companies like Zillow sold prices for homes.  Since Zillow can not acquire this information from a central source they must rely on other less accurate means.

Your REALTOR® and appraiser have access to the actual sold price of every home sold in recent history.  They can see what the initial asking price was, every price change along the way, and the final selling price including any seller concessions such as the seller paying the buyer’s closing costs.  REALTORS® know the local area and understand that neighborhoods can be very different in values even though they are in close proximity to each other.

Zillow is a great tool, they provide information on neighborhoods, schools, taxes, financing, and insurance rates. As great as they are you will be better served with a local real estate professional explaining how the location of the home, the condition of the home, and the availability of similar homes on the market will impact your home’s value. Your REALTOR® will provide you with expert guidance to help you set the asking price for your home.

If you would like a no-cost, no-hassle, no-obligation analysis of your home’s value, contact Ron or Curtis.

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