Happy Presidents Day!
I hope you are finding a way to have the day off with your family.
I finally broke down and walked the dogs in the rain – resigned to the probability that it won’t stop raining any time soon, but the forecast is for SPRING weather for the next several days.
Pretty much every day, someone mentions to me that “Zillow says that house is worth $___,___.”
I cringe and respond immediately: “Please don’t trust Zillow’s opinion of value of ANY house.”
- Zillow doesn’t have all the data. “House values” are only estimates based on recent, proximate, similar houses sold . . . and very few multiple listing systems in the country feed that data, so Zillow uses “algorithms” based on the skeletal data they can gather to “zestimate” values.
- Zillow doesn’t KNOW the local real estate market. Zillow cannot possibly know the nuances of where the “HOT spots” in the market are . . . What areas tend to produce multiple offers (often selling over asking price) for every listing, and what community happenings might be influencing house values.
- Zillow’s data is not “secure” . . . Home owners and REALTORS can “customize” the information of the house listings on Zillow thereby opening the possibility that the information Zillow displays may be “fluffed” and inaccurate.
- Zillow hasn’t walked through ANY of the houses that are on the market or have sold and cannot possibly reconcile “compensation factors” such as upgrades, extensive deferred maintenance, functional obsolescence, neighborhood nuisances, or bad odors and distasteful decor.
- Zillow’s ACTIVE listings are also incomplete because many (most) MLS systems do not feed all of the listing data and pictures automatically . . . and some systems don’t feed listings at all based on the Member Broker’s preferences.
Zillow IS a fun site . . . and it has fantastic SEO rankings, so it will almost always be towards the top of any Google searches you might do for real estate, but PLEASE don’t rely on Zillow’s zestimates for house values.
If you want to know what a house is worth, connect with a LOCAL, feet on the ground Real Estate Sales Professional who KNOWS the local market.
If you’re in Middle Tennessee, the Vital Few REALTORS of Pareto Realty stand poised and ready to study the market for you and provide a solid estimate of your home’s value.
I hope y’all have a great week . . . The groundhog calls for early Spring, and we see signs of that in the real estate market.