This is what I think about Zillow Zestimate. You know Zillow Zestimate is inaccurate and not a good place to go for your property value when the CEO's home was off by 40%. Plus Zillow's CEO has publically stated that they are works on getting Zestimate more accurate.
In my opinion, Zillow is nothing more than an advertising company that is also a data mining company. They're in business to sell space to advertisers and get data from consumers.
Zillow has a great user interface, but when it comes to accuracy, they are one of the most (if not the most) inaccurate real estate websites in the world. This goes for both Zillow home search and Zestimate.
Transcription
Hi everyone. Your Tampa Bay expert Lance Mohr and in this video, I want to talk about Zestimate. Why Zillow's Zestimate is so inaccurate in many cases they’re off 20 to 40% on home values. Then I'm going to go over what you could do to get a more accurate assessment of what your home is worth in the value of your home.
I understand a lot of people that are looking for the value they go on Zillow’s Zestimate and I understand when they’re looking they go on Zillow to look for homes and I understand why Zillow’s gorgeous. It’s a great website, it’s very user-friendly to consumers, has a lot of great features, mapping, a whole bunch of stuff that is really attractive. The thing with Zillow it's highly inaccurate now I said that there are often a lot of times that home values 20 to 40%. Their own CEO and you can look this up at their own CEOs home value was off 40% and he is gone on record to say they know their Zestimate is very inaccurate and they're working it correcting that down the line because if you’re looking to get the value of your home you can't just get it from an estimator or any estimator that just pull data because there are too many variables.
What's the condition of the home? What's the lot orientation? Was the home been updated? Has it not been updated? Is it built by high end builders? Is it built by a low-end builder? There’s a lot of different variables it goes in there. So as far as Zillow they're not accurate on this estimate and they're not very accurate even when you work at home 20 to 30% of all the homes in Zillow aren’t even actively for sale Zillow actively for sale, once they sit Zillow is a mammoth advertising company and a data collection company. They’re a non-profit organization.
What can you do about that? Now there are a couple reasons why people want the estimate in the home. Sometimes you’re just curious, just say I’m just curious to see what my house was or maybe you’re looking at selling your home right now or in the next several months so if you just want a ballpark estimate it's probably a better idea just got hold of a real estate Agent. Give in your address, just say “hey, just send me the comps from my area and everything that's going on in the last 6 months and the agent can go ahead and pull up your area. They could send it directly from the MLS. All the souls in the past six months, the active attendees, etc.
Now that is very basic because you're going to have to do your own analysis of it and see if you're on a conservation line and home across the street with backing up to a strip center well there’s going to be a big price difference. The other things to do if you’re looking at selling your home either now or in the future, you could go to a real estate agent and actually have come out and take a look at the home they could pull all the comparable. Analyze and take a look at your home, it will give you a really good idea what the value of your homes worth and what you might need to do to get it to sell for more money. Some really cheap and inexpensive things to do that just tweaks it a little bit so you're able to get the high-end in a market.
I’m going to go head put a video up above on how to sell your home. It's a video series I did. It’s going to walk you through everything you need know. If you are going to sell your home and that's the reason why you ’re getting a home value. For Pete’s sake, interview agents. Take a few agents in interview them. I have done several videos on this, not all agents are the same. So interview the agents make sure you get a really good agent. I'm going to put a couple of things. Up above I’ll put a link to my website if you want the value of your home and you’re in the Tampa area or Tampa Bay area just go ahead and fill that out and I could do it. If you’re out of the area or out of state I really don't have the access to do that. So just reach out to an agent in your area. I hope this helps you and again I’m not here to bash that Zillow it is what it is and you could even go online and just type in Zestimate and Zillow’s Zestimate and there's a lot of articles on this. So I hope this helps. Have a wonderful day. Leave a comment below. Let me know what you think. If you've used Zestimate before let me know your experience. Alright, have a great day. Don't forget to subscribe to my channel. Goodbye!
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