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Zestimates in Dallas Texas - Are They Accurate? Do They Matter?

With the popularity of bigger syndication websites like Zillow, Trulia and Realtor.com, many consumers believe they can attain the same information from those sites as they can a local, professionalnbsp;REALTORreg;. nbsp;Unfortunately, this is false and there doesnt seem to be enough correct information out there in internet world to properly steer and educate consumers on the best ways to find the necessary information. With the popularity of syndication sites mentioned above, one of the biggest questions is - Are Zestimatesreg; in Dallas, Texas accurate? nbsp;Theyre getting better but still not completely Accurate. nbsp; If they arent that accurate, do they matter? nbsp;Although mostly inaccurate, they matter more to sellers than to buyers. nbsp;I will explain below. Are Dallas TX Zestimates Accurate? The simple answer to this question is - Kind of. Zestimatesreg; are getting better but still not completely accurate. nbsp;The complete answer is a little more complicated. Most likely, Zestimatesreg; will never be completely accurate in Dallas...or as accurate as a professionalnbsp;REALTORreg; can provide to consumers. nbsp;Why is that? nbsp;Syndicated websites like Zillow, Trulia and Realtor.com do NOT have access to the real MLSreg; data. nbsp; Zestimatesreg; are an algorithm created by Zillow to draw information, stats and data from a number of sources and then take a good guess at the value of a home. nbsp;Yes, a Zestimatereg; is a guess. nbsp;However, please know that anbsp;REALTORreg; and/or appraiser is ALSO only providing a guess of sorts - when anbsp;REALTORreg; determines the value of a property, we (in the real estate business) call this a price opinion. nbsp;When a licensed appraiser determines a value of a property, we call this an appraisal. nbsp; However, and again, even with anbsp;REALTORreg; and/or an appraiser gives a value to a consumer, they are still guesses. nbsp;REALTORSreg; and licensed appraisers values (guesses) are generally more accurate than Zestimatesreg;. nbsp;Why? nbsp;Because REALTORSreg; and appraisers have access to better and more accurate local market data. nbsp; So, why is there a difference in the datanbsp;REALTORSreg; and appraisers have versus the data Zillow and other syndicated sites use? nbsp;Texas is what is called a non-disclosure state. nbsp;Sales prices are not disclosed to the public. nbsp;The only way to find accurate and true sales prices and data is through the professional MLSreg; which may only be access by professionalnbsp;REALTORSreg;. nbsp;Remember, syndication sites like Zillow, Trulia and Realtor.com are just that - they syndicate and reproduce data. nbsp;They are not actual people and, therefore, are notnbsp;REALTORSreg;. nbsp;They do not have access to the real MLSreg;. Zillow says they take a lot of public information to form their Zestimatesreg;. nbsp;One can only assume their algorithm uses data like the public tax records and appraisals; and it probably examines current list prices; the increase or decrease in the percentage of asking prices from the prior month; and, how quickly homes are selling in certain areas. REALTORSreg; and appraisers have access to the real MLSreg;. nbsp;Our real MLSreg; has technology where we can create reports for clients using the most updated comps and sales prices. nbsp;This is the major difference between the accuracy of getting home value estimates from a professionalnbsp;REALTORreg; and syndicated websites. Knowing this information, it leads us to the question - Do Zestimatesreg; matter? Do Zestimates in Dallas Matter? The answer is yes. nbsp;Zestimatesreg; do matter. nbsp;But they are inaccurate, right? nbsp;So why should they matter? nbsp;In truth, Zestimatesreg; are more important to sellers than to buyers. Much of the public believesnbsp;Zestimatesreg; are very accurate. nbsp;Therefore, when buyers are looking for a house, they are very likely to look at thenbsp;Zestimatereg; and believe it to be solid information. nbsp;So a wise seller would be wise to look at theirnbsp;Zestimatereg; prior to placing their home on the market to at least get an idea of what buyers will think the home is worth. It is up to the buyers agent to educate them on the inaccuracy of thenbsp;Zestimatereg; due to the limited data by which the algorithm creates the estimate. In fairness to Zillow, they do have a disclaimer on their Zestimatesreg; stating, in part, nbsp;- It is a starting point in determining a homes value and is not an official appraisal... Zestimatesreg; do have a place and are beneficial to consumers. nbsp;Any public information which further educates home buyers and sellers is a good thing. nbsp;Just remember what you learned in this article and take your nextnbsp;nbsp;Zestimatereg; with a grain of salt. It will always be better to get your most reliable information from a local, professionalnbsp;REALTORreg; when it comes to buying and selling real estate.



This post first appeared on Dallas Real Estate, please read the originial post: here

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Zestimates in Dallas Texas - Are They Accurate? Do They Matter?

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