BEWARE: Zestimates Are Not Reliable!!!!!!!
Michael K. Joseph, Owner of The B Spot Real Estate & Investment LLC
Zillow has created a sense of “falsehood” with their zestimates. Sellers tend to depend solely on Zillow’s numbers, when it fact, they could very well be losing money. Zillow cannot account for upgrades or depreciation so these important factors are not taken into account. Zillow’s estimates are algorithm-produced appraisals. They provide people with a basic estimate of what a particular property is worth. And here is the kicker, the typical margin of error with Zestimates is approximately $14,000. Can you imagine losing that much money? I can’t but guess what, it happens all of the time! What’s scary is so many sellers only look to Zillow when they start thinking about putting their house on the market. This is their first mistake. If the numbers are too low, sellers can become discouraged from listing their homes. If the numbers are too high, sellers tend to overprice their homes, which results in the home sitting on the market for a long time!
Zillow is also infamous for false advertisement. Their systems don’t always present accurate information which can impact both sellers and buyers. For Example, I had a client to call me about a home they found on Zillow. Zillow showed that the home was on sale and had been on the market for three months; however, when I went to the MLS I found out that the home was actually sold a month ago. My client was very disappointed. She had been eyeing this property for three months! She could have placed an offer on the home but was waiting to see if the price would decrease. She didn’t know it was sold.
Sellers, do me a favor, don’t use Zillow to determine the value of your property. Call me instead! I offer FREE home evaluations at no cost to sellers.
Buyers, do me a favor, if you are looking for a home, don’t use Zillow. It’s not a reliable source. Call me! I can track properties on a daily basis and provide you with reliable, up to date information. I can help you find what you are looking for.
Call us at 832-265-7791 or visit our site at https://www.michaelkjoseph.com for more information!