In this weekly webinar, I’d like to talk to you about Zillow. You may have heard recently that a woman in the Chicago area is suing them.
She’s claiming that consumers are using the Zestimate on her property as an appraised value of her home, which she has priced at $638,000 compared to the $562,000 value that Zillow gave it.
A $64,000 difference is obviously a big deal. And because so many people use Zillow as a tool, she is claiming that the Zestimate actually caused her to sell her home below value.
In fact, by Zillow’s own statement they admit that the Zestimate is off by an average of 5%. Depending on the price point, this can really add up.
I do want to stress that Zillow is an easy and user-friendly tool, but it is only a starting point.
If you’re a buyer or seller and really want to zone in on a home’s true value, you should do one of two things.
First, you could go to a real estate professional for a competitive market analysis. This will be a lot more accurate and fine-tuned than a Zestimate.
But if you’re willing to spend $400 or $500 you could also use the second option, which is to order a formal appraisal for your property.
If you have any other questions or would like any more information, feel free to get in touch by giving us a call or sending an email. We look forward to hearing from you.