We know Zestimates aren't exactly accurate, but new real estate investors rely on those numbers all too often.
Not exact matches
Known as a «
Zestimate,» this home valuation algorithm looks at the recent sale prices of similar properties gathered from public records, such as tax assessments, as well as user - submitted data.
If the asking price is below the «
Zestimate,» you
know you're getting a good deal.
Zillow has already become one of the best -
known players in the market through its widely quoted «
Zestimates» of how much a property is worth, a feature particularly popular among homeowners.
«Take the
Zestimates with you, and be prepared to substantiate or debunk it based on data from the MLS, which you
know is superior.
The typical Zillow
Zestimate error is $ 14,000, but you don't
know if it's $ 14,000 too high or $ 14,000 too low.
Known as a «
Zestimate,» this home valuation algorithm looks at the recent sale prices of similar properties gathered from public records, such as tax assessments, as well as user - submitted data.
Below you'll be able to see the value comparisons from three different sources
known to the public and industry analysts: Zillow
Zestimates, RPR Realtors Property Resource, and the Local County Tax Record.
The
Zestimates were terrible, we all
knew that.
I
know you are probably thinking I am going to talk about a Zillow
Zestimate aren't you?
So now you
know the difference between a
zestimate and an appraisal by a local licensed professional appraiser.
Solution: Many sellers will conduct a
Zestimate at some point in their research, so it is prudent for your agents, as well - informed real estate professionals, to
know what value estimate Zillow is providing.
What home sellers need to
know is that increasing a home's Zillow
Zestimate is not difficult.
Fair market value must be
known and please
know, that it's not about taking a quick peek at Zillow for their
Zestimates, as my Realtor friend Debbie Drummond will agree with me on.
Zillow's estimate of a residential property's «fair market value» which the lawsuit states they
know «to be inaccurate,» have allowed «only select brokers to conceal the display of
Zestimates on their listings to the exclusion of the general public.»