Probably one of the most common questions I’m asked as a real estate professional is whether Zillow offers an accurate estimate of a home’s value. Homeowners either love the website or hate it based solely on what Zillow estimates their home to be worth. I’ve spent entire listing terms with homeowners arguing with Zillow trying to get their home's value changed on the website. I have a much better solution, stop looking at it. It’s irrelevant.
Zillow uses a simple algorithm to look at modest factors like a home’s square footage, number of bedrooms, number of bathrooms, and location. Within seconds they provide a value for over 100 million homes across the United States. How accurate can they possibly be?
Even they will tell you that this is not an appraisal, it is simply a starting point in determining a home’s value. They also state that their estimate is more accurate in some cities than it is in others. If you live in a large neighborhood with many similar homes, it will have more accuracy but even then, if one home is upgraded and another is not, their algorithm has absolutely no way of knowing that. Even worse, if you live in a neighborhood of custom homes where every property is unique with custom features and finishes, then Zillow’s estimate becomes completely worthless.
In summary, if you want to know your home’s true value there is no substitute for getting a real person out to walk through the home, do an in-depth analysis of recent sales in the neighborhood, and provide you with an accurate assessment of your home’s value. Stop kidding yourself, those Corian countertops, beige appliances, and 12 X 12 ceramic tiles are not equal in value to your neighbor’s fully renovated home that recently sold just because Zillow says it is.
If you’re interested in knowing your home value, our professionals at Regal | Christie’s are always willing to provide an accurate value assessment with no obligation to sell your home with us.