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A lot of clients come to us and tell us what Zillow’s Zestimate offered as a value on a home, saying this and that. What most people don’t know is that Zillow is only accurate about 7% of the time.
If I was only accurate 7% of the time, I wouldn’t be in business! The CEO of Zillow recently sold him home, and his home’s Zestimate was off by 40%!
It’s important to understand how Zillow pulls its information. It’s an algorithm that Zillow came up with, and is derived from tax records from the government. These figures are very inaccurate. Zillow will also clump homes together with similar subdivisions, but oftentimes the values are very different even in these small neighborhoods. Zillow clumps your home and its updated kitchen and bathrooms in with a “similar” home down the street that is really bare bones basic.
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The CEO of Zillow recently sold him home, and his home’s Zestimate was off by 40%!
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Then, an average is based off of that, so both numbers are going to be off. In Phoenix alone, they are off 20%, and that’s huge. The big thing to remember is that Zillow can’t come into your home and see changes like granite countertops or an added bedroom.
If you’re interested in finding the true market value of your home, please feel to reach out to us. We’d love to help!
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