Is your Zestimate Accurate?

Let’s be honest thanks to the internet there are so many different ways for sellers and buyers to get information about their own homes, as well as homes in their community it can make your head spin.  You fill out price calculators, pre-qualifying certifications, mortgage estimates, and value tracking….all online.  That’s a whole lot of information to be sharing, and it probably looks great when you are looking at it.  It feels empowering to have all of those numbers sitting in front of you, but you need to ask yourself are they actually correct?  And should you trust them?

The reality is that many of the big box website calculators have been known to be off – sometimes by as much as $100,000 or more, and that’s a huge amount when you’re trying to decide if you should sell your house right?  You’re probably asking yourself why are they off by so much?  Well here’s the truth:

  1.  They use your WHOLE county’s data – not just your neighborhood.  They’re looking at the whole pie, not just your piece of it.
  2. They don’t perform a Comparative Market Analysis which can only be done by a Realtor® to come up with the value.  Instead they use AI.
  3. They don’t take renovations or improvements into consideration.
  4. They weight their results heavily on the prices of homes that have recently been listed at, not the price that the homes actually sold for which skews the data.

So yes, an automated estimate can be a great starting point, it’s safe to say that it does best paired with a real estate agent who can gather more personal data about your neighborhood, street and any improvements or repairs that are needed in the home.  As a Realtor® I’ able to do the research need to know where your home stands in the current market, and what kid of market conditions you’re going to be dealing with. That alone can be a major difference in the listing price that is going to bring you top dollar and still allow for a quick sale.

If you’re reading this thinking that you may need some guidance around the area of automatic home evaluations, and feel like you have no place to start please reach out to me.  I am happy to help you through the process with no pressure, no sales tactics, just the help and guidance that you need.  Please feel free to email me at maryann@nexthomepdx.com