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I just got off the phone with an angry seller. They were recently online looking at Zillow’s Zestimate for their home’s value, and saw that it was $100,000 off from where we priced it. I understand this seller’s anger, but I also understand how inaccurate these estimates are. Zestimates are typically 5% to 15% off the actual market value of the home. Zillow also owns Trulia, which could make just as big an error on their estimation.
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The truth is, you shouldn’t pay much attention to all this online stuff. If you give us a call, we can give you a free market analysis of your home. Another good option is hiring an appraiser; a third-party who can give you an honest, professional opinion of the home’s value. The people at Zillow don’t have a clue what your home is really worth because they don’t take into account important factors that affect value, including location, updates, and improvements.
Zestimates are rarely accurate.
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Your home's true market value is likely not even close to what a Zestimate says it is. In fact, the CEO of Zillow recently sold his home for 40% less than what the Zestimate said it was worth. He’s ignoring it, so that tells me you should too.
If you have any questions for us or want to know your home’s true value, give us a call or send us an email. We would love to hear from you.
