Prospective home buyers often want to get pricing information for various properties without having to always rely on a real estate agent. This is where real estate sites like Zillow.com come in very handy. However, can you really rely on the site’s value estimates? Many have wondered whether Zillow provides accurate data with its Zestimate home price estimates.
Zillow never claims to be 100 percent accurate all the time or even 80 percent accurate most of the time in all areas. If all the homes within a six-block radius are very similar to each other, in a suburban subdivision, filled with homes built around the same year, and about the same size and with identical amenities, a Zillow estimate will be much more accurate, perhaps within 10 percent, because there are not enough specific variances to throw it off. In other cases, such as for older neighborhoods with many homes that have been improved in different ways, it won’t be that close at all.
The CEO of Zillow, Spencer Rascoff, recently sold his Seattle home for $1.05 million. His Zestimate value was $1.75 million, or about 40% more than the selling price. Taking a Zestimate for a home value estimate may be a costly mistake, especially for someone who is considering selling their home.
Zillow vs. Actual Sales Prices
True Market Value
Could some of these homes have sold higher?
Did some of these buyers pay too much? The answer is no.
Because, true market value is simply how much a buyer is willing to pay for a home.
A True Market Value Assessment
When a homeowner is curious about the value of their home, the surest way to find out the true assessed value would be to contact a trusted Imperial Real Estate Agent that can create a customized CMA. This report will show you homes that recently sold or are currently for sale in surrounding areas. When analyzed with an experienced agent, these numbers will clearly demonstrate the best price for you home.
Reach out to an Imperial Agent today for a true estimate of the value of your home.