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How Accurate Is Zillow Zestimate? What does Zillow say about it?

Video Transcript Below

Should I Use Zillow as an Accurate Evaluation of My Home’s Value

Let’s put this into perspective. Would you marry someone without ever seeing them? Let’s say you had an excellent idea of what they were like and how they looked, but you never spoke to them and never saw them. Would you marry them? Well, me either. That’s somewhat like trusting Zillow to value your home with their Zestimate.
Hi I’m Tristan Colborg with The Denver Real and eXp Realty in Denver. Nowadays, there are many sites out there that give you an estimate of the value of your home, and one of the most common is Zillow’s Zestimate. But should you trust it? You see, Zillow is an algorithm based on public data. Zillow has never seen the inside of your home, and it’s a computer. Zillow comes up with the value based upon what your neighbors are selling for. They look at things like size, bedrooms, bathrooms, lot size, etc., and they compare them to your neighbors. However, what they cannot take into consideration are upgrades, views, location, whether you own solar, etc. All of these factors have a considerable impact on the value of your home.

Zillow Says Their Zestimate Is Only Partially Accurate

Zillow even acknowledges that their lack of accuracy. Zillow has stated that in the U.S. as a whole, Zestimates are currently within 10% of the final sale price 71.5% of the time. And they encourage you to get a more accurate evaluation by a licensed Realtor or appraiser. That’s why you need me.
I live and play in this area and have the tools and expertise to ensure we price your home accurately.

Zillow Zestimate Could Cost You Money

Here’s an example of a few costly mistakes that could have been made if sellers relied on Zillow’s Zestimate. Take this home in Commerce City Zestimate was $469000, and it sold for $480,000 that could have been $11,000 lost. Or this home in Thornton where the Zestimate was $481,900, and it sold for $515,000. That is over a $33,000 difference! That’s about enough to buy a car, travel the world, or so many other things. So the Zestimate is, call a professional who has the experience and ability to assess your home’s value based upon considering everything, not just things they can see. So if you are considering selling your home and want the right agent in your corner, reach out I would be happy to help. Again I’m Tristan Colborg with The Denver Real Estate, and remember you deserve an elevated real estate experience.

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