Ask someone in real estate what they think of Zillow and the “Zestimate.” Perhaps the reaction you receive could be similar to this one…
I think this is very funny!
If you’ve ever invited a Realtor® into your home to gather information for a Comparative Market Analysis (CMA) or a Broker’s Price Opinion (BPO) you probably know that the goal for that professional is to give your home a value that falls ‘within a range’. What that Realtor® shouldn’t tell you is that your home is worth an exact amount of money. Real estate is not an exact science and in the end, the value of your home depends on a lot of factors as we all know.
Which brings me to the “Zestimate”. I came across this article and thought the authors had some really good insight. It’s probably exactly how every Realtor® feels, but these guys are pros and said it better than I could. http://clareity.com/fixing-the-zestimate/
Aside from what I or Matt and Jonathan Cohen (the authors) think, what Zillow says about their Zestimate is much more important. Take a minute to follow the link in the article that takes you to Zillow’s own explanation of how the Zestimate works and just how accurate it is. Very informative! How many people do you think actually read that before they take their “Zestimate” as gospel and try to sell their home for the price Zillow’s computers spit out? My guess is not many!
So the point of today’s comments is not to try and tell you Realtors® are always right or to say you must use a Realtor®, but rather to reiterate what we’ve all heard before…just because it’s on the internet, doesn’t mean it’s so!
If you’re thinking of selling, call me. I’d be happy to provide a market analysis based on local comparables (sold listings), talk to you about your competition, (active listings) and discuss everything you need to know to get your home sold in a timely manner.
Have a great weekend…Cheers!