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Today, I want to talk about a question that I get often: What is the value of Zillow? Zillow is a fantastic website for buyers and sellers to go to and get basic information on properties. The website provides you with a Zestimate, which is Zillow's estimate of a property's value. This is a great tool if you're trying to do some basic research on a house you may be interested in.
However, buyers and sellers need to be a little cautious when using Zillow. The first thing I want to point out is that not all homes for sale are listed on Zillow. Zillow does not have access to the Multiple Listing Service. I do put my listings on Zillow in order to get my sellers maximum exposure, but if you're looking for a home, you could be missing out on some great properties.
Also, be wary of the Zestimate. Zillow uses trailing data to come up with their home values, data that happened two or three months ago. When you're in a stable, flat market, that Zestimate could be pretty accurate. However, if the market is trending up or down, those Zestimates can be off by 5% to 10%.
Zestimates also don't factor in the unique features and values of a house. They won't know if you have a pool, or what kind of wood floors you have. All of these things factor into the value of your home, so the best way to come up with an accurate home value is to have a real estate professional come out and look at the property.
The last thing I want to point out is that Zillow sometimes flags homes as foreclosures, when really the home is just in the foreclosure process. That doesn't mean that the home is for sale.
The most important thing is that whether you're buying or selling, you need a professional real estate agent to guide you. If you have any questions, give me a call or send me an email. I look forward to hearing from you!
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