Accuracy of Zillow Home Values Questioned
INDUSTRY NEWS, TIPS FOR BUYERS, TIPS FOR SELLERS
September 7th, 2010
For more than five years now, consumers have had the ability to go online and get free value estimates of their home’s worth. However, some consumers and real estate industry professionals have expressed concerns the valuations are inaccurate and misleading. Reasons cited in a recent Sacramento Bee article include:
- Values assigned without taking into consideration features and upgrades of the subject property. Sometimes the value price range is $20,000-$40,000 more or less than the actual value of the home.
- Even homes of the same size and in the same neighborhood can vary in price due to quality and feature differences. Utilizing the services of a local REALTOR helps minimize inaccuracies plus their service is free.
- Websites like Zillow, Cyberhomes and Eppraisal.com can educate homeowners and buyers by providing a reasonable estimate of value, however, working with a local REALTOR is still the best option.
I have worked with buyers and sellers that used Zillow to check values but I too have found wild inaccuracies. Instead of averaging values to reach a cost per square foot and applying it to the property in question, REALTORS will adjust for differences including age, lot size, garage size, swimming pools, landscaping, views, condition and upgrades. I’ve heard stories of sellers relying on a Zestimate to sell their own home leaving thousands of dollars on the table because the value was too low. Others didn’t accept a reasonable offer because the Zestimate was too high relative to an offer in hand. Don’t trust a free web appraisal to decide on a sale or purchase price. You could get burned!!
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL LIVING REAL ESTATE PROFESSIONALS
CORNER OF COURT AND PLACER IN REDDING
MORE THAN 25 YEARS LOCAL SALES EXPERIENCE
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