You are likely already familiar with the Zillow Zestimate. Many people have checked out their own Zestimate for your home, or perhaps you’re a buyer looking for houses and are wondering why the Zestimate is different than prices homes are actually listed or sold for. Below is information provided directly from Zillow explaining what it is, along with a link to a ton of additional details and ways to impact your Zestimate. The best analogy I give to my clients is “WebMD”. You may go online to the site to check out your symptoms, but you are still going to consult a doctor or a surgeon for a professional opinion! That is where I come in, and will help you understand the market and what a home is actually valued at.
“The Zestimate® home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location, and market conditions. We encourage buyers, sellers, and homeowners to supplement Zillow's information by doing other research such as:
- Getting a comparative market analysis (CMA) from a real estate agent
- Getting an appraisal from a professional appraiser
- Visiting the house (whenever possible)”