Most of you are probably familiar with Zillow as a home search site, but homeowners can also use the site to get an estimate - or Zestimate - of their home value. Can you trust the number that Zillow gives you?
Unfortunately, no. In most cases, Zillow’s Zestimates are anywhere from 5% to 15% off in your local market. Zillow is a national website, so they don’t take local factors into account like a real estate agent would. Instead, Zillow uses an algorithm that uses comparable sales to come up with a home value.
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Zestimates are anywhere from 5% to 15% off.
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Ultimately, there really isn’t a good substitute for an agent who can physically come into your home, help you make decisions on repairs, explain the local market, and come up with an accurate home value. Real estate agents also understand the local market, so they are familiar with the area and other factors that affect your home value.
Zillow is a good place to start to get an idea of your home value, but it’s not going to be 100% accurate. Don’t rely on Zillow to make any major real estate decisions. If you have any questions about your home value or about real estate in general, give us a call or send us an email. We would be happy to help you!
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