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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 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proper care in this crucial step of buying or selling a home, many families let Zillow’s shallow, and quite often, outdated information guide them in deciding what a home is truly worth.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.
Posted in real estate on September 26, 2015 at 6:43 am.
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Posted on: by Jeff Lichtenstein
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Posted on: by Jeff Lichtenstein
From PGA National homes to Admiral Cove, you've discovered the top source of comprehensive information on homes in Northern Palm Beach County communities. Jeff Lichtenstein of Illustrated Properties is the top producing real estate agent in these locations. Jeff has sold over 300 homes, more than anyone else since 2001. He caters to the Waterfront, golf & ranch, and luxury communities here. His focus has always been on providing exceptional service, showcasing quality properties and working with quality clientele. Jeff your only choice for a real estate agent in the area if you're looking for the best. Whether you're looking to sell a home in Admiral's cove or buy one of the beautiful PGA National homes, you need to talk to Jeff Lichtenstein.
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