How accurate is the “Zestimate” on your home?
To find out the value of their home, most people go to Zillow, type in their address, and check their Zestimate.
But is that number accurate?
In most cases, according to Zillow, the Zestimate will fall within 10% of the real value of the home (a home with a $250,000 Zestimate, then, could actually be worth $225,000 or $275,000). And, Zillow claims that that data is only accurate 70% of the time.
However, Investopedia points out that, “Zestimates are only as accurate as the data behind them, so if the number of bedrooms or bathrooms in a home, its square footage, or its lot size are inaccurate on Zillow, the Zestimate will be off.”
Lets take the CEO of Zillows house for example. The “Zestimate” for his house was over 11 million dollars. He sold his house for only 8 million dollars. So, if Zillow couldnt even get their own CEO’s house Zestimate right, do you think they have your house accurately priced?
So while Zillow is a good starting place, it’s not an end-all answer.
Be sure to also consider…
Repairs — If the home is in disrepair, that’s going to lower its value.
Updates — If the home needs a lot of updates to make it more modern, that’s going to lower its value.
Cleanliness — If the home is dirty and cluttered, buyers won’t be willing to pay as much for the home.
Marketability — If the home isn’t in the ideal area or price-point for buyers in your area, then it’ll take longer to sell and might sell for less.
And if you want to sell your home fast for a fair cash price, give us a call at (717) 200-8875. We can buy your home as-is and close in as little as two weeks!