PLEASE NOTE we are now brokered by eXp Realty. Call or text Alisha Collins, eXp Realty at 307-247-1806 or email at alisha@casperpowerhouse.com We are excited to talk with you!
Are You Wondering What Your Home is Worth? We Want To Set You Up For Selling Success. Watch this series videos to find out how to have selling success.
Let’s put it into perspective. Just relying on Zillow alone might be like using a dating app. People always put their best pictures up or a picture from 15 years ago. Sometimes they may even use pictures of someone else they think is more attractive. My point is these impersonal apps don’t necessarily offer a true representation of the house you’re evaluating or the local real estate market any more than a dating app represents a person whose profile you’re looking at or of the dating pool. Using a dating app and relying solely on it for accuracy of the way a person’s profile reads is like only using Zillow to find the value of your home.
While we’re not sure where Zillow comes up with their estimated home values, we do know their valuation model is automated and impersonal. These estimates are based on information from sources such as comparable sales and public data. Zillow has never been inside your home and therefore their estimate of value is based on what your neighbors have sold their home for and only considers things like size of the home, how many bedrooms or bathrooms it has. Zillow basically compares those specs for your home to that of your neighbors. And they can’t take into consideration things like condition, upgrades, views, location, or amenities. They don’t adjust for a busy street or if you live in a cul-de-sac. And all of those personalized things affect the price greatly.
To determine a more accurate market value, we need to see your home in person and make adjustments. And although we are not appraisers, our approach is very similar to the way an appraiser would evaluate your property when considering pricing. Hey, maybe you just put in a $100,000 shop or barn or a riding arena and Zillow didn’t take any of that into consideration or maybe you just upgraded your entire kitchen and the remodel cost you $50,000. All of these factors have a huge impact on value of your home.
Listen, Zillow isn’t trying to hide their imperfections. They even have a disclaimer listed on their What is a Zestimate page and acknowledge their lack of accuracy by saying, “In the US as a whole, “Zestimates are currently within 10% of the final sales price 61% of the time for homes “that are now off the market.” In Wyoming, they admit that they’re only within 10% of the final sales price 52.9% of the time. And they only get within 20% of the final sales price 76.2% of the time.
Wow, I would not use those odds to determine what my most valued asset is worth, would you? Zillow encourages you actually to get an accurate evaluation by a licensed realtor or appraiser. This is what my team and I do. We live, work, and play in this area and are top agents in our area. We take a detailed look at not only the comparable properties but also at your property in conjunction with firsthand knowledge about comparable properties on the market in your home’s price range.
If you’re thinking of making a move this year, give us a call today for a personalized market evaluation. This is a free service we provide. We want to set you up for selling success.