Podcasts about zillow's zestimate

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Have you ever used an AVM, like Zillow's Zestimate, to determine the market value of your home? Are AVM's really reliable? I talk about it in this episode. I also provide six examples of homes I have appraised in comparison to what Zillow says they are worth. I hope you enjoy this episode. I also hope that you and your family stay safe!

In this episode we look at Zillow's Zestimate and other online estimation tools to determine if the value they place on your home is actually accurate.

Can Zillow really tell you how much a home is worth? I’ll go over the trouble with Zillow’s Zestimates today.   Can you trust Zillow’s Zestimate? I have this conversation quite a bit with my mother. She is always looking to buy investment properties, so she’ll give me a call to let me know what the Zestimate is for the house that she’s interested in. Ultimately, I have to say, “Mom, the house you’re looking at has boards on the windows. The house that it’s compared to is two streets down and a couple blocks over and has brand-new windows. Plus, this house has laminate counters, and other houses in the neighborhood have granite—and that horse tank in the backyard does not count as a swimming pool.” Once I point out all of these differences, she always asks how the Zestimates come up with a price in the first place. The truth is that Zestimates are more like guesstimates. A computer pulls information from different properties in the neighborhood that have sold to come up with a value for your property. “Zillow can be off by as much as 10% to 20% when it comes to home value.” Unfortunately, these houses may not be comparable to your property. Real estate agents compare apples to apples, meaning we find properties that are comparable to yours in order to determine market value. Zillow can be off anywhere from 10% to 20% on home value. In the U.S., Zillow is usually closer to 20% off. If you’re talking about a $250,000 house, Zillow could be off by $40,000 or $50,000. That’s a lot of money. As real estate agents, we can give you a more accurate home valuation. When you have health problems, you don’t want to get a diagnosis from WebMD. You need to go to a specialist to get an accurate valuation of what’s going on in your body. The same is true for the Zestimate. It just shows you a guess of what’s out there, not exactly what your property will be worth. That’s why you need to talk to a professional real estate agent. Selling your house is the biggest financial decision you will make in your life. Wouldn’t you want an accurate assessment of what the value will be for your property? If you have any other questions or would like to know what your home is worth, just give me a call or send me an email. I would be happy to help you!

Zillow’s Zestimate has become a household name. But, as it turns out, the feature could end up costing you tens of thousands of dollars.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for sale Many people have made the mistake of using a Zillow Zestimate as an appraisal. The problem is, Zestimates are often inaccurate.A woman in Glenview, for example, learned this from experience when a Zestimate valued her home at an $80,000 less from what she and her real estate agent believed was its true worth. Because of this, she struggled to get her house off of the market and is now suing Zillow. If there is a large disparity in a home’s true value and its Zestimate, buyers will be hesitant to make sufficient offers, or to make offers at all. This isn’t to say that Zillow is without any positive attributes, though. One feature I’m personally a fan of is their mortage calculator, which allows you to not only work with principal and interest but also allows you to enter taxes and insurance. This lets you work with all the data given to find out what sort of loan might be right for a given client. A study has shown that the Zestimate is always off by an estimate of about 5%. I do, however, have a couple of problems with Zillow. For example, Zillow’s data, which they get from the MLS, is oftentimes wrong. As a result, clients frequently send me links from Zillow and express interest in listings that turn out to be no longer available. As I mentioned earlier, my second grievance with Zillow is the Zestimate. A study has shown that the Zestimate is always off by an estimate of about 5%—which can make a big difference, especially for higher-priced listings.Because of this, Zillow went so far as to hold a contest offering $1 million to anyone able to correct their Zestimate algorithm.Their defense against the lawsuit they’re facing, in fact, is by admitting that the Zestimate isn’t even an appraisal. Be that as it may, the lawsuit came about because the Glenview woman I mentioned earlier experienced a direct and negative influence on the prospects of her home because of the Zestimate. As sticky a situation as this all is, the lesson I think comes from it is that you should be skeptical of Zestimates and, most importantly, should talk to a real estate professional about the value of your home.  If you’re thinking about the value of your home, the home you’d like to buy, or if you have any other questions for me, feel free to call or email me. I look forward to hearing from you.

Selling your Idaho Falls home? Get a free home value report  Buying an Idaho Falls home? Search all homes for saleAround 2006 or so, Zillow started to make an impact on the real estate world. Nowadays, there are many websites that provide a wealth of information about the real estate market. While Zillow is a great tool and resource, you should be wary of the information you find there.It's great that information is more accessible than ever before, but you need to be aware that not everything you see online is accurate. Zillow's "Zestimate" is notoriously inaccurate and it should not be used to determine the sale price of your home. We are a non-disclosure state in Idaho, so we do not have to disclose what we bought our properties for, and most people don't. This means that Zillow in Idaho is even more inaccurate than elsewhere. If you need accurate information about your home's value, please contact me or go to the website below.Idaho Falls Home EvaluationAs always, if you ever need assistance with real estate in Idaho Falls, please don't hesitate to contact me!

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; } Are you looking to apply for a mortgage? Get an application hereToday, we want to elaborate on an unfortunate fact: Zillow is wrong more often than they're right. When you're thinking about buying a house in San Diego or anywhere in Southern California, you're likely to start the process online. Many people use Zillow's Zestimate feature to determine whether a home is priced correctly, but it's not the most reliable tool. In San Diego, Zestimates are wrong 55% of the time! When looking closely at Zillow's numbers, we found Zestimates are only within 5% of a home's true value 42.8% of the time! Additionally, Zestimates in San Diego are off by 20% in value nearly 20% of the time. Would you consider that to be a good estimate?If you have certain selling goals you want to accomplish, or if you're trying to determine how much you should offer on a home, you are likely using the wrong numbers if you're basing your decisions on a Zillow Zestimate. The best way to accomplish your buying, selling, or investing goals is to work with a real estate professional who knows the market inside and out.If you have questions about this topic, or if you would like us to put you in contact with an agent you can trust, give us a call or shoot us an email. We would love to give you a hand! 

As reported by Inman.com, Zillow is now predicting what the future value of homes will be using the Zestimate Forecast - but is this a good thing? The forecast is based on an algorithm, and it's basically an educated guess, but what happens when people begin to base their buying & selling decisions on it? Award-winning real estate coaches Tim & Julie Harris discuss this topic today on Real Estate Coaching Radi. Read more about this at Inman.com Join us every weekday at 12pm Pacific Time for the Real Estate Coaching Radio "Daily Coaching Call", which provides an engaging, entertaining mixture of news, discussion, coaching and guest interviews to help you achieve success in real estate. Talk To A Coach: Click Here To Schedule a Free 1-on-1 Coaching Call Learn more about us at timandjulieharris.com