You’ve probably heard of Zillow’s Zestimates—automated home value estimates—but how much do you really know about them? Here’s what you need to know about Zestimates.
One of Zillow’s most attractive features is its Zestimate, which is an automated home valuation. This estimate is generated based on user-submitted data regarding the house in question as well as information derived from public records. To many people, this seems like a quick and easy way to figure out how much a property is worth.
Many may not realize that homeowners and their agents can go to the site and suggest that certain changes have been made to a property in order to alter their Zestimate. So how trustworthy are Zestimates? Today, Mike Hege joins me to discuss what homebuyers and sellers need to understand when it comes to Zestimates.
Feel free to follow our discussion in the video above or use the timestamps below to navigate the video at your leisure:
1:25—How Zestimates are calculated and how they can be altered
2:45—Why, as people make changes to their homes, Zestimates become less relevant
5:00—Zestimates as a baseline
5:43—The appraisal process
7:41—How Zestimates ultimately fall short of true market value
9:04—Work with a real estate professional to help you avoid misinformation
If you have any questions about Zestimates or would like an accurate home valuation, don’t hesitate to reach out to us. We’d be happy to help you.