Are Zestimates a reliable source of home values? In short, no.
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Zillow’s Zestimate tool is supposed to help you determine your home’s value. Is it up to the job, though?
Unfortunately, Zestimates aren’t very accurate. Generally speaking, they can be off by 10% to 15%. Overvaluing or undervaluing your home by that much in this market is a huge mistake. The problem is that Zillow doesn’t know any specifics about your home that add or detract from its value. They don’t know if you have a view of a lake or pond in your backyard, nor do they know whether you have done upgrades or improvements to the home either.
Because the Zestimates are so inaccurate, Zillow gets their info from the local parish’s assessor's office. Unfortunately, the local assessor’s information is sometimes 18 months outdated. A whole lot can change in the market in 18 months, so it’s no wonder why these estimates are so inaccurate.
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While these websites are helpful with starting your research, I highly advise that you don’t make any major decisions based on Zestimates. The good news is that if you do want to know what your home is really worth, I can help. I’ll come out, take a look around, and let you know what kind of sale price you can expect based on current market conditions.
I can give you an accurate home value myself.
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If you have any questions, don’t hesitate to give me a call or send me an email. I would be glad to help you out.
