How Well Does Zillow “Zestimate” Your Home Value?
November 4, 2008
No one questions the popularity of Zillow and the convenience of their ability to quickly answer home value questions through the Zestimate. But has anyone ever questioned the accuracy of a Zillow’s home value calculation?
Home sale prices are public information. Zillow has assembled that information and developed a formula that considers “zillions” to create a home value estimate for about 67 million properties nationwide.
Zestimate’s include a low value, a high value, and a number somewhere inbetween that is Zillow’s best estimate. But Zillow’s Zestimate is not perfect. Because Zillow’s estimate is 100% dependent on the amount of data they place into their “secret formula,” a Zestimate can be inaccurate. The wider a home value range on a Zestimate, the less data Zillow has, the less accurate a Zestimate.
Upon receiving a Zestimate, Zillow highly recommends home owners use the number as a “starting point in figuring out the true value of a house.” While the public information Zillow uses in its equation is effective in determining a starting point for a homes value, the Zestimate equation has never stepped foot inside a home to review a homes condition or a evaluate a homeowners sense of color.
Zillow does recommend hiring a professional appraiser or receiving a Comparative Market Analysis (CMA) from a real estate agent after discovering their best guess at your home value.
If connecting with a real estate agent and receiving a free, no-obligation home value estimate is something you’re interested in doing now that you’ve learned the ins and outs of the Zillow Zestimate, GetMyHomesValue.com can connect you with a local real estate agent. To get started, simply type your zip code in the box in the top right corner and follow the instructions on the next page.
Should Sellers Get An Appraisal BEFORE They List?
November 3, 2008
Having an official home appraisal completed is required for most home sale approvals and home refinances. For home owners considering whether or not to sell their home in the first place, is a formal home appraisal necessary?
Recruiting a home appraiser in the early stages of deciding whether or not to sell your home can be a pricey and lengthy process. To secure a home appraiser, plan on booking an appointment at least two weeks in advance and spending somewhere between $300 and $500 for their services.
Not to say that home appraisals aren’t valuable. No two homes are identical, so having an independent third party with knowledge of your local real estate market is great to be able to compare “apples to oranges.”
What if there was a way to save the expense and wait of hiring an appraiser and STILL getting an idea of how much your house is worth? Homeowners deciding whether or not to refinance or sell their home can save that appraisal expense by connecting with a local real estate agent and receiving a free Comparative Market Analysis (CMA). CMAs often provide similar information to a report from a certified home appraiser, and experienced real estate agents often come close to an appraisal price.
GetMyHomesValue connects homeowners with local real estate agents. To receive a free, no obligation CMA today from an agent in your area, type your zip code in the box in the top right corner and follow the instructions on the next page.