You may or may not have heard of the term “Zestimate.” To clear things up, it’s an estimate of your home’s value that you can get on Zillow.com instantly by providing a few details about your home. Our clients bring up their Zestimates all the time when discussing where to price their home for sale, but many of them don’t understand what a Zestimate really is.
The important thing to know about that value is that it is based on an algorithm that Zillow created to gather information and come up with a value based on that information. But is it accurate? It all depends. Unfortunately, there are quite a few elements that go into your home’s market value that Zillow simply can not measure with their algorithm.
One of these is location. If your home is in a cookie cutter neighborhood where all the homes more or less look the same, your Zestimate might be a bit more accurate than others. If you have a unique home or it’s in a rural area, your Zestimate is likely to be way off.
Another thing Zillow’s algorithm doesn’t take into account is any upgrades or additions you may have made to your home while you were living there. Any remodeled bathrooms, kitchens, or basements won’t be taken into consideration when the Zestimate determines your home’s value. These types of things add a ton of value to homes, but Zillow does not measure them.
A great tool that we offer to all our clients who are thinking about selling their house is a custom valuation. We will come out to your home, take into consideration its location and features, and come up with an accurate value of exactly what your home is worth in today’s market.
If you have any questions for us or would like to get a custom valuation for your home, give us a call or send us an email today. We look forward to hearing from you!