How Accurate Are Zestimates?

Colorado Springs Real Estate Podcast with Donny Coram

Are Zestimates accurate? Sellers like to think that they should price their homes according to this number, but these valuations are usually not exact.

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I’m often asked whether Zillow’s Zestimates are an accurate way to determine the value of your home. Here’s the thing: Zestimates are a software that takes square footage and recent comparable sales into account in order to arrive at a value. As a former appraiser, I’m here to tell you that pricing your home just isn’t that simple.

Zillow’s Zestimate does not factor in specific features of your home, your home’s view, or any other renovations you may have made to the home to improve its value.

Zestimates are not the final word on your home’s value.

The best way to determine your home’s value is to talk to a licensed professional agent to give you a free equity evaluation. Zillow is a great tool to get a base price on your home to begin with, but is not the end of the conversation. An experienced agent will do the research, find comparable sales, physically assess the property, and then analyze the data in order to properly price your home in today’s rapidly changing market. There is no way for Zillow to account for all of the factors that give a property its value.

If you have any other questions about pricing your home properly for the market or would like a free equity evaluation, don’t hesitate to give me a call or send me an email. I’d be happy to help you!