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Zillow is a giant in the real estate industry. They aggregate tons and tons of data, and a lot of it is actually quite useful to the average consumer, but you need to take some of it with a grain of salt.
One thing in particular that you need to watch out for is the Zestimate, which is Zillow's valuation of your home. How accurate is that value that Zillow places on your home?
On average, these Zestimates are off by 5-15%. A 15% difference on a $300,000 home is a matter of $45,000! It has also been stated that nearly every home value on the website is off by at least 5% or more. This is a huge margin of error.
I've even seen some homes on Zillow with prices that were nearly 20% off! That's inexcusable.
These estimates work well with communities that have similar homes, but with mixed communities like we have here in Henderson, it's hard for Zillow's algorithms to place accurate values on homes. Some homes may sit next to a highway and they'll be valued the same as a home next to a canyon with a great view.
I don't recommend anyone to use the Zillow Zestimate to find a true market value for their home. Instead, talk to a Realtor when you're pricing a home or putting an offer on a home.
Remember, Zillow can't take features or upgrades on your property and compare them to other recently closed homes in your area, even though doing so gives you a more updated value on your property. Zillow doesn't walk through your home or your neighborhood, and that's where my team can come in and place an accurate value on your home. As markets shift, Zillow's numbers become even less reliable.
Ultimately, if you want the most accurate price for your home, make an appointment with a real estate professional. We will go over your home and the local market data in order to give you the most accurate home value.
We look forward to hearing from you!
