How A Zestimate Could Cost You Thousands

Dated: 07/03/2017

Views: 244


Whether you’re looking for a new home or listing yours on the market, don’t trust Zillow Zestimates. If you want accurate information, the best way is to seek out a professional.


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As you may have heard, Zillow is being sued over their Zestimate feature.


Claiming that the Zestimate Zillow had given her property had made her home nearly impossible to sell, one woman in Glenview, Illinois has filed a lawsuit against the company.

 

While although Zillow claims that their Zestimate is not an appraisal, it is a publicly available estimate of a property’s value. Because many buyers now turn to the Internet first when they begin their home search, having inaccurate information posted online about your listing can cause a lot of problems.

 

In extreme cases, the Zestimate can be off by hundreds of thousands of dollars. This gives buyers an unrealistic impression of how much they should be paying for a property. It also causes a great deal of tension for buyers and sellers alike.



When a Zestimate skews a property’s value this much, sellers can end up losing a lot of money.






Having real information and a professional opinion presented to you is the only way to make good decisions in today’s market.




For this reason, it’s extremely important that you talk to real estate professionals about the value of your home instead of relying on Zillow. We want you to be informed about your property, even in cases where it may not be what you want to hear.

After all, having real information and a professional opinion presented to you is the only way to make good decisions in today's market.


If you’re thinking about selling, we’d love to help. All it takes is for us to have a 15-minute tour of your home so that we can evaluate any upgrades you might need as well as evaluating the positives and negatives of your property.  With this information, we’ll be able to give you an accurate market value.


If you’d like more information or have any other questions, simply call or email us. We’d love to be a resource to you and look forward to hearing from you soon.


Julie Baldino - Owner-Managing Broker

Julie Baldino is a seasoned veteran of the Pacific Northwest real estate industry, and has consistently been in the top 10% in sales for over a decade in 2 states. In order to accommodate a rapidly ex....

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