While Zillow’s Zestimate tool can be a good starting place when it comes to determining home value, it’s important to realize that the figures you’ll find there tend to be massively skewed.
Zestimates use public information to assign properties with an approximate value, but this web-based value tool can’t account for certain key data, like whether any significant upgrades have been made.
It’s also worth noting that homeowners can adjust Zestimates themselves, so the information you see online may very well have been tampered with by the seller.
Even in densely populated areas, where Zestimates tend to be most accurate, the values are still off by a wide margin. The CEO of Zillow himself had a Zestimate on his home that was 40% higher than what his property actually sold for.
Ultimately, the bottom line is this: If you want to know your home’s true value, you must consult with an experienced, local real estate agent or appraiser.
If you have any other questions, would like more information, or want to discuss the true value of your home, feel free to give me a call or send me an email. I look forward to hearing from you soon.