How A Zestimate Could Cost You Thousands

Dated: July 3 2017

Views: 455


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.


Looking to buy a home? Search all homes.
Looking to sell a home? Get a FREE home value report.


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.


Blog author image

Julie Baldino

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....

Want to Advertise on this Site?

Latest Blog Posts

How Your Homes Deal Breaker Can Attract The Perfect Buyer

When you’re starting the process of selling your home, be prepared to see your home in a whole new light.A really, really bright light. That’s because buyers will notice all the great things

Read More

Low Inventory Might Help You Sell Your Home During COVID

Selling Your Home During COVID? You Might Have an Edge... Less is more when it comes to successfully selling your home during the COVID pandemic. That’s because if you’re still going ahead

Read More

Millennials Will Do Whatever It Takes To Own A Home

Millennials are facing major stress trying to come up with ways to balance a down payment,student loans, and impending mortgages, but they are finding solutions: (Image provided by

Read More

5 Upgrades That Do Not Add Value To Your Home

Today I’m going over the five upgrades you should avoid when preparing to list your home.  If you’re looking to put your home on the market, there are probably some projects you have

Read More