What is a Zestimate? It’s Zillow’s estimation of your home’s worth. You can look your home up on Zillow and see this number right now! But is it even accurate? Can you trust it, especially in a market as volatile as this?
What Is A Zestimate and Can I Trust It?
Zillow gets that estimation from an algorithm it’s developed that looks at many factors, including the recent sale of homes in your area. And, to be honest, it’s gotten a LOT better over the last few years, mainly as Zillow has gathered more and more data on homes in every city.
But the reality is that Zillow’s estimation of your home’s worth is only as good as the data it has. Yes, Zillow knows what other homes sold for in your neighborhood. It most likely knows the square footage of your home, and how many bedrooms and bathrooms it has. But does it know that you recently updated your kitchen? Or that you just put on a new deck? Or that your roof and furnace are only 2 years old? No, of course not!
And to further complicate things, Zillow has a more difficult time estimating value if you live in a neighborhood with varying ages of homes. Old homes and new homes mixed together, or older homes with newer additions, confuses the algorithm and muddies the waters.
Bottom line, the BEST way to get an accurate estimate of your home’s real market value is to set up a quick appointment with a trusted Real Estate Agent. I can take into account all the updates and work you’ve put in, and get a real snapshot of your neighborhood and the current market conditions to give you a MUCH more accurate picture of your home.
Would you like a more accurate idea of what your home is worth? Send an email to Ellen@CapeCountyLiving.com and let’s schedule a time for a free market analysis on your home.
Thinking about selling your home? Here are some tips to get your home ready to place on the market to sell quick: