Have you gone to Zillow to determine the value of your home? Beware of what you see there! Watch this video to understand why:
Hi everybody. It’s Ruth. I want to talk today about Zillow and very specifically about the Zestimates. These are the algorithms, automatically generated, estimates of home values that Zillow posts.
They’re called Zestimates.
What I’ve noticed lately with several of my recent listings is that a Zestimate will become very close to the asking price once a new listing is posted. So for example, if the Zestimate for your home is $500,000.00 and you posted it on the market for $550,000 suddenly now the Zestimate is around $550,000. I’ve seen this in several price ranges in the millions, in the six digit ranges as well, and I’m seeing it several times.
So what does it mean? Well first of all, it means that you probably don’t want to trust those Zestimates. They are off. And number two, if indeed Zillow has changed its algorithm to include the listing price of a home, I think it’s a way for them to admit that you do indeed, need a real estate agent to price a home accurately.
If you have any questions, call, text, write a comment below and I’ll talk to you soon.