Have you searched Zillow in order to obtain an estimation of how much your home is worth? Zillow is considered to be one of the top popular real estate information sites with over 70 million unique visits in an average of just 1 month with a population of 326.4 Million people in the United States. Zillow is an automated property value website for home owners and home sellers that provide an estimate of the property’s value, this is also known as “Zestimates”. Zillow provides resources such as active listings, rentals, for sale by owners, and houses that are no longer on the market.
As a licensed real estate agent in Orlando, I’ve seen many homes that have been on the market for over 3-6 months due to its overpriced value. Home buyers are researching zip codes and neighborhood before they begin to shop. However, home owners are utilizing Zillow to quote the listing price of their home to the agent. This is causing confusion for home buyers and if sellers aren’t willing to budge off Zillow’s estimated value, it will kill a deal.
Just recently, a colleague informed me that clients did not want to price their home at his suggested price because they have done research and the property is worth that value.
The big question is: How accurate is the zestimates?
Here’s what home owners don’t realize when selling their home, Zillow has never seen your home. The information that you place on Zillow is based off an automated system that is built for users from everywhere. So how can it be accurate? Though it’s not visibly featured on the website, on Zillow’s home page at the bottom, in small type is the word “Zestimates.”
Hire a real estate professional that will visit your home to take a look at the layout and inform you if any updates are needed. Your agent can also run local comps and provide you with a base estimated value of how much your home is worth.
Remember your true price is determined by an appraisal but at least you have a licensed professional who understand the local property market.
for more information in obtaining a free custom report on what’s your home worth, contact Sarah Tobie at www.sarahtobie.com