Are Zillow’s Zestimates and Home Value Estimators Accurate?
No, Zillow’s Zestimate are not always 100% accurate but they are a good starting point to understand your home’s value. Zillow pulls tax records about your home and analyzes recent comparable sales to come up with its Zestimate, via a computer algorithm. The tax records may not always be accurate and Zillow has never been in your home. They don’t know if you’ve renovated your kitchen or if you have a beautiful view of the city. Further, they can’t know that your layout is choppy or that your hardwood floors are in poor condition. But they have millions of pieces of helpful sales and public data to help homeowners get an idea of their home’s value. The only way to know the true market value of your home is to have it listed for sale to see what a buyer will pay. Aside from that, there are a few ways to get a sense of its value range. Zillow’s Zestimate is just one of them. A formal appraisal is another, as is a comparable market analysis from a local Realtor. Sometimes the Zestimate very close, other times farther off. Take it with a grain of salt and if you are serious about selling, find a great real estate agent.