If you need assistance, please call 541-359-1999

Are Zestimates a Reliable Way to Determine Home Value?

Wednesday, December 13, 2017   /   by Josh Cooley

Are Zestimates a Reliable Way to Determine Home Value?


Buying a home? Click here to start your new home search
Selling a home? Click here for an instant home value check 

Recently, I got an email from a client containing a few questions about home valuations and, specifically, about the Zillow Zestimate.

 

The client’s first question was: What is a Zestimate?

 

To answer that question, a Zestimate is not an estimate, it isn’t an appraisal, and it isn’t even an accurate home valuation. It’s simply a number the website assigned to your home based on your home’s size, zip code, and other metrics that may or may not matter.

 

This client also asked: On average, how far off is Zillow in determining value?

 

While sometimes the Zestimate can be accurate, most of the time it is off by about 20%. Whether or not you should use the Zestimate depends on whether you’re simply looking at the tool for fun or if you’re serious about understanding a home’s value.

 

The next question was: What are a few ways that Zestimates could affect a real estate transaction?

 

Zestimates can actually mislead sellers and buyers about the value of a home. If an appraiser doesn’t agree with the value the Zestimate has led you to think a home is worth, the process of obtaining a loan may become difficult.

 

If you’re looking to sell, the best way to correctly price your home is by considering factors like location, condition, and recent sales in your area. The best way to determine your home’s value is to work with an agent.

 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.


  real estate

The Josh Cooley Team | Keller Williams Realty Eugene and Springfield
Josh Cooley
2645 Suzanne Way Suite 2A
Eugene, OR 97408
541-359-1999

The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS(TM) of Portland, Oregon. Real estate listings held by brokerage firms other than Josh Cooley- Keller Williams- PRO are marked with the RMLS(TM) logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © RMLS(TM), Portland, Oregon.

All information provided is deemed reliable but is not guaranteed and should be independently verified. This content last updated 7/30/2021 8:41 PM CST. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

This site powered by CINC: www.cincpro.com