Be Smart about Zillow
Be Smart about Zillow, because you really need to understand how not to depend on it. Zillow delivers pretty pictures and often it supplies some information. Often it’s incorrect. Prices are a good example. Go see if their price for your house is correct. Of course we all think that the price of our own house should be higher than other houses. You are correct if you can sell your house for the price you want for it, otherwise you’re estimate may be off. But Zillow’s price for your house is likely to be way off the mark. Their “Zestimates” are likely to be off by 40 to as high as 70 percent below. Do they care? probably not. They don’t lose money just because you do.
I’ve watched as clients come to me with property information only to be disappointed when they find the real asking price of a house. It’s such a shame that Zillow creates such expectations. It doesn’t help anyone in the long run. It’s important to note that Zillow will tell you on their website that Zestimates are about 16% low and that sellers should contact a local agent to to get a Comparative Market Analysis (CMA) done on your home. Please feel free to contact me if you’d like to find out about what’s going on in your area.
— Russell Palmer