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Zillow Zestimates are not as reliable as you might think!
A while back I wrote a blog about why Zillow Is For Idiots. Here a great example of how one seller reaped an additional 30% above the “Zestimate” of their home just by hiring a qualified Realtor rather than settling for Zillow’s online estimate as a selling price.
The PGA National home for sale at 110 Woodsmuir Court we were marketing had a Zestimate on Zillow of $758,000 on October of 2014. The property sold for $1,075,000 a few months later!
The new owner also put $150,000 in a new roof and impact glass. So, did they overpay by 30% + $150,000 — or over 40%?
The answer is an absolute NO.
Here’s why. We had three offers between $1,050,000 and $1,075,000. What Zillow couldn’t see was the house had new floors, with a disasterous step-down in the front taken out. It was decorated to the nines and had beautiful landscaping in all the right places. Proper staging, fixing a major problem, and bringing the outdoors in — along with excellent marketing — did the trick. Now Zillow has increased its Zestimate to $1,024,827.
In this case Zillow wasn’t even a guide! (By the way, It goes the other way, too — I’ve seen the opposite occur where buyers make decisions to purchase because Zestimates are higher than true market value).
We’re living in a fast paced society where everyone wants instant information. The problem is, Zillow can’t see upgrades, how a house feels, the floorplan, and other major factors influencing a buyer’s decision. Without taking proper care in this crucial step of buying or selling a home, many families let Zillow’s shallow, and quite often, outdated information guide them in deciding what a home is truly worth. But by taking this “point and click” approach, many buyers and sellers potentially, as they say in Vegas, leave a lot of money on the table.
The moral of the story is: Zillow and Zestimates are not as reliable as people think. Rely on a certified Realtor or appraiser with on-the-ground neighborhood experience when evaluating a property. These professionals will help you understand upgrades, monies needed in the house, solvable issues, unsolvable issues, and demands for specific floorplans in the neighborhood. These are issues a certified Realtor or appraiser can offer you and help you keep money in your pocket.
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Echo Fine Properties, winner of Best Brokerage of the Palm Beaches in 2020, 2021 and 2022, is located in Palm Beach Gardens, Florida. We are a family-owned local brokerage that prides itself on having the finest full time luxury real estate agents who know the area backward and forward. Each agent is hand selected to join us for their knowledge of the area including golf club communities, gated communities, equestrian and ranch estates, condominiums, and waterfront and boating estates. Echo is unique in real estate in that our company pays for all marketing, advertising, and all support which is handled in-house. WE PAY, which lets the agent concentrate on our customers. Unlike other firms, agents never have to compromise the marketing budget. Our Home ECHOnomics Guarantee offers an unheard of 57-promises. This website consists of 5 separate MLS feeds, giving 100% accuracy ranging from Miami to Fort Lauderdale to Palm Beach to Martin County.
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