Don't Trust Zillow Zestimate and Here's Why
Do you ever wonder how accurate Zillow's zestimate is? Well we have been watching it for a while and have noticed that it is way off from the market values and what houses are selling for now. We have noticed that when a house is off the market the value will be one thing and once it has been listed for a few days the zestimate will adjust to more closely represent the listing price. There is no additional data other than the fact that it has been listed by the homeowner or realtor for what they think the house could sell for. It is an interesting thing that we have witnessed more than once. Take a look at the screen shots taken. The first one was right after a house was listed on the market. The second was after the house was listed for a few days. Notice how much the zestimate adjusted all because the house was listed at a higher price.
It should be noted that this was a high price and the house sat on the market for weeks in a hot market and did not sell at this price. It is super important that when you want to buy a house, use a realtor to help you determine the value of the property. Don't have an automated program do that for you. It will be wrong. This isn't the only time we have seen this happen. It's happened on our last two listings too. The largest one being off by $350,000 from what Zillow said it was worth to what it is actually being purchased for.
What does Zillow say your house is worth?
Leave us a comment or email us at firstname.lastname@example.org with your address and we will tell you what we think your house is really worth.