Beware the Zestimate!

HD Sunset

“The Zestimate® home value is Zillow’s estimated market value for an individual home and is calculated for about 100 million homes nationwide. It is a starting point in determining a home’s value and is not an official appraisal. The Zestimate is automatically computed daily based on millions of public and user-submitted data points.” Okay – so there are a few things that jump out at us: “not an official appraisal” and “user-submitted data points”. It is fun to see what various web sites might think our property is worth, but a word of caution: the algorithms used fail to take into consideration all of the most relevant information for pricing, including market conditions, competing listings and comparable sales. The best way to determine the current market value of your property is to work with a local professional who has the ability to evaluate all of the factors that go into accurately determining value.

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