Let’s Talk About The Zestimate®

There are two truths* about the The Zestimate®:

1     It is always higher than market value – always.

2     Sellers believe The Zestimate® is an accurate measure of home value – always.

 Zillow’s Definition: “The Zestimate® home valuation is Zillow’s estimated market value, computed using a proprietary formula.”

Few read the rest of the definition:

Zillow says, “It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate® is calculated from public and user-submitted data, taking into account special features, location, and market conditions. We encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research such as:

  • Getting a comparative market analysis (CMA) from a real estate agent

  • Getting an appraisal from a professional appraiser

  • Visiting the house (whenever possible)”,

It’s a starting point and not the end point

of a conversation on market value

 

* a non-factual and unscientific observation loosely based on conversations with home owners and agents
From http://www.zillow.com/zestimate/

 

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