You’ve most likely heard about or maybe even looked up your home’s “Zestimate”, but how reliable is that number? Can you count on it to make important home selling decisions? In this video, we dive into how the “Zestimate” is calculated – what goes into it… and what doesn’t.
Curious what your home is really worth in today’s market? 🏡
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧email@example.com
Sandra 📲 (c) 206-271-7100 📧firstname.lastname@example.org
Let me ask you a question: Would you ever marry someone without ever seeing them, or getting to know them personally? Would you ever just go on an app, like the way their picture looked and ask them to marry you? Or better yet, would you ever compare someone you wanted to marry to their friends and base your decision to marry them based upon the way their friends looked or acted? Of course not, that would be silly. Hi everyone. I’m Sandra Brenner with Steve Hill of the Brenner|Hill Team at Windermere and you’re probably wondering, “Where is she going with all of this?” Well, marrying someone without seeing them is just like trusting Zillow to place an accurate value on your home.
You see, Zillow is an algorithm and they get their information from public data. Zillow has never seen the inside of your home. It’s basically a software program, it bases the price of your home based on what the neighbors have sold for. It’s basically the same thing as marrying someone based upon their friends. They look at things like size, bedrooms, bathrooms, et cetera. and they compare them to your neighbors. But they can’t take into consideration things like upgrades, views, location, amenities, desirability and market climate. The program can’t take those major features into consideration when giving you a Zillow Zestimate, and if all these factors have a huge impact on the true value of your home.
So here’s the crazy thing, Zillow even acknowledges their lack of accuracy, stating that in the U.S. as a whole, Zestimates are currently within 10% of the final sales price 71.5% of the time. And they encourage you to get a more accurate evaluation by a licensed agent or appraiser. That’s where we come in. That’s what our team does. We live and play in the Greater Seattle area and have sold hundreds of homes! We take a detailed look at not only the comparables, but also the absorption rate, as well as many other factors when determining what to list your home for. You have to consider inventory levels, and buyer demand, interest rates, and the current market climate and so many other considerations, in addition to upgrades, amenities, location and so much more.
Let me show you what we mean, and relying on Zillow as an accurate evaluation to price your home, can vastly impact your sale. Here’s an example of a few costly mistakes that could have been made if our past sellers relied on Zillow’s Zestimate. Take this home in the Greenwood neighborhood of Seattle, the Zestimate was just under $642,000. We listed for 725,000 and sold for 760, that’s $118,000 difference. Here’s another example in the Broadview neighborhood of Seattle. The Zestimate was $866,000 and we just listed and sold for $890,000, a $34,000 difference in the seller’s favor. Imagine if they would have listed with an inexperienced or discount broker who relied on the Zestimate or who didn’t have the knowledge and experience to know better.
Relying on Zillow for the value of your home is the exact same thing as relying on a picture when choosing your mate. Maybe you should have swiped left, instead of swiping right. You’re only seeing half the picture. So don’t rely on a computer-generated Zestimate. Call a professional who has the experience and knowledge to accurately assess the value of your home based on the entire picture of the market, your location, amenities, and the details that make your home truly special. And if you’re wanting a more accurate analysis of the value of your home, give us a call. We’ve sold hundreds of homes and we can get you an accurate estimate of your home’s value from a real-live person who works and breathes real estate full time.
Please reach out to us here at the Brenner|Hill Team so we can guide you through your home sale, from helping you prepare your home before the sign goes up in your yard, to digitally exposing your home online to tens of thousands of people, then safely guiding you to close, and then handing over the keys to the new buyer and help you with your next home purchase. We are here to help you and we look forward to hearing from you. We are Steve and Sandra, elevated service, elevated results.