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Answers (10)
- Simon Mills, "Mills Realty"
- Contributions:1858
The Zestimate is not intended to be a way to value property. It is at best a starting point, but even that might be a stetch. Here is an explanation of the Zestimate. No Realtor will ever use the Zestimate as a way to value your property. They have much better tools at their disposal to easily come up with a value opinion.
Simon Mills
Mills Realty
Simon Mills
Mills Realty
We (real estate professionals) look at it just to get an idea but personally, I rely on more than just one resource for estimating the price of a home.
Are you thinking of selling? If not Don't worry, Zillow is just a starting point. A Professional Realtor will assist you when you do want to sell. I agree witn the other answers here, all are great.
- Nathaniel Pitchon-getzels, "Getzelshomes"
- Contributions:103
There is a good chance that the registered owner of that property is going in and changing the details of the property. Also remember the Zestimate has very little to do with what someone will actually pay for the property.
- Erich Young, "Erich Young"
- Contributions:347
A Zesimate is one of many indicators of property value. Others would include the estimated tax value, the Federal Housing Financ Agency's calculations, and then there's the good old fashioned Real Estate Agent, preferrably a Realtor.
- Young - Jin Yang, "MyValleyDreamHome"
- Contributions:96
I was told by a Zillow expert that Zestimates in the Los Angeles area tend to be off by a median of a 10% margin. They can't take into effect things like designer counter-tops, double paned windows and other things that drastically affect the price of a home. Best way to find out a better value of your home is asking an experienced real estate professional in the area. They could best assist you.
- Olivertwist33
- Contributions:20
You are right. In most cases it can be off by 25% or more due to the reasons others have provided above. It does give people looking at it a ball park figure before considering some of the upgrades etc.
- Endre Barath, "Endre"
- Contributions:96
A home is based on the condition of the inside as well as outside in addition to all the factors such as location, view, land size, land usability and living square feet. These factors zillow does not know how to do, hence you need a knowledgable Realtor to give you a true value.
- Sandra Green-Murray, "sgmmgs"
- Contributions:147
Value is based on my different factors. The bottom line is that the value of your home is determined by what a buyer is willing to pay for it.
- Ted DeFazio, "tdefazio"
- Contributions:353
Zillow estimates are based on a myriad of things. Tax data, refinance and market activity int he general neighborhood. It is never completely accurate.
Zillow home estimates.
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