Monday, November 29, 2021 / by Brad Brethouwer
Here’s why you shouldn’t trust online home estimates.
As consumers, most people don’t understand that online home value estimates like Zillow’s Zestimates are not at all accurate. They’re based on computer algorithms that determine what your home is worth based on sales in the area, not on the intrinsic qualities of your home.
Many sites will provide you with estimates of what your home is worth, but if you were to pull up 10 different websites, you’d probably get 10 different estimates. There have been some cases where the estimates have been close, but that’s not often enough to be reliable. I'm working with a couple currently whose home estimates are $30,000 or $40,000 more than what their home is worth. The current market is not what it was in the spring. There are still homes that sell fast with bidding wars, but that’s not as universal as it was earlier and home values are certainly not where they were in the spring.
The bottom line is that if you’re getting ready to sell your house, you cannot trust those estimates to accurately value your home. Instead, have an agent come out to your home to take a look around. They can give you a more accurate estimate based on your home’s features and upgrades. Plus, they can let you know what repairs you need to make if you want to get top dollar when you sell.
If you’d like us to provide you with a more accurate estimate than what you’ll find online, or if you have any questions, don’t hesitate to give us a call or send an email. We’d be glad to help you.