The truth behind Zillow Zestimates and how helpful they really are.
A lot of people ask me about a third-party website called Zillow. You’ve probably heard of it. That website offers a Zestimate, which is how much they estimate a home to be worth. People will tell me about the Zestimate on properties they’re wanting to either sell or buy. That’s why today I want to share a quick little explanation with you of what a Zestimate is and where it comes from.
There are some good things about it, like how it’s a guide to what’s going on in the area. However, Zillow employees have never been inside that property, so they don’t know what upgrades have been done.
I have seen many estimates come in very high, and they were actually based on what the neighbors had done to their properties. When you pull permits and upgrade your property, you must report it to the county. However, the county is then going to tax you on that upgrade since your property has gone up in value, so there are many people that don’t do this properly.
That’s why I recommend reaching out to a professional real estate broker, like myself, who has access to the multiple listing service. That isn’t a third-party website; instead, it is a first-party website, which is where all the action happens. Then we as agents can determine whether the neighbor up the street has done work to the property.
If you’re thinking about buying or selling and want an accurate estimate, don’t use a third-party website. Instead, reach out to us by going to our website. We’ll see you at the closing table!