Many homeowners attempt to use internet websites to find the value of their home. One commonly used site is Zillow.com.
How accurate is your Zillow Zestimate? It turns out that it depends on where you live; but there is a way you can check it.
A little known feature on Zillow can be found at the very bottom of their home page, kind of greyed-out and camouflaged. It's the "Zestimate Values and Accuracy" link. When you click on it, a screen comes up that has the areas in which they are reporting values. It looks like this:
Here: screencast.com/t/mlc9Dvse
Or try it yourself by going here and following the directions: www.zillow.com, scroll all the way down to the bottom and click on the "Zestimate Values and Accuracy" link. Now scroll down past the white screen space ad you'll see the chart. Find "Detroit" and follow the numbers across the page and let the accuracy stats for our area sink in a minute. Only 58% of the "Zestimates" are within TWENTY PERCENT with the median accuracy within 16%, the second worst accuracy rating after Ft. Lauderdale at 18%.
Just so we all understand what this chart means in real life...if a client hires me to sell their house and I determine the market value to be $600,000 and I bring them an offer for $565,000, that's in the acceptable range, right? I don't know about you but $35,000.00 is a lot of money. With sellers already taking record hits on their value, 6% less than market value can make a difference between selling your home and short selling your home.
Don't cheat yourself! Good agents are still moving houses for the most money this market can bear. Some things deserve more than a software guess. Contact me today!
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