Today we are discussing the Zillow Zestimate. Every buyer looks at this thinking it’s an accurate measure of your homes value. It’s frustrating for homeowners to list their home and then see a Zestimate that comes in lower than their home is listed for.
So why is that?
Well Zillows algorithm pulls data from public sources; such as the county tax assessors office, recent sales from tax records and MLS sold properties.
Zillow will use comps that match your zip code, square footage, acreage, number of bedrooms and bathrooms.
The problem is Zillow doesn’t know what updates you’ve done to your home. For example is the kitchen remodeled, is the roof new, did you add living space. Do you have a pool or a new paver patio? They are also comparing homes built in 1970 to homes built in 2015 that is not a good comparable especially if the 1970 home is still circa 1970 inside. They may also be comparing your property to a foreclosure down the street to determine your value. They do not take into consideration the location of your property, are you on a culdesac being compared to a house next to a highway with noise pollution? The truth is an algorithm cannot identify these differences without seeing your house in person.
So what do we do. Obviously a realtor or an appraiser is the only way to get an accurate value for your home. Working with buyers allows a Realtor to ask them for feedback on the homes in the area and this helps to see what buyers are valuing on homes like your. What increases your value and what doesn’t.
Zillow even admitted that there Zestimates “89.7% of the time are within 20% of the final sales price”
This is common and 20% is a lot. For example on a $400k house that is $80k plus or minus which is a $160k range so we should really be calling the Zestimate a guesstimate.
So how does a seller increase their Zestimate on Zillow to better reflect their homes value.
Go to zillow.com
Type in your property address (it’ll be off market but you’ll get a zestimate,
Click Owner View
Click Review Facts
Click Yes to Verify ownership and
Confirm that it is true
Now you can edit the information by checking and unchecking boxes and put in any specifications.
Click save and Voila, go check your new Zestimate.
Remember though Zestimates are still not the most accurate so if you want a true value of your home give me a shout out and I’d be happy to do it for you.
If you need a check list of what you need to do, click this link for instant access https://yourkeytostaugustine.com/zestimate/
If you are considering a move to St. Augustine, check out my next video the pros and cons to living here and I’ll catch you on the next one.