CNN: Selling your home? Here’s how accurate online estimates are
The housing market is booming and chances are your home is worth more than it was a year ago, making it a tempting time to sell.
But how much can you rely on online estimates, like Zillow’s Zestimate or the numbers offered by Redfin or Realtor.com?
While your home’s Zestimate may have you saucer-eyed, in fast-moving markets like this one it is harder to predict what your home will actually sell for.
“There is a kind of sticker shock that sellers may have right now,” said Krishna Rao, vice president of analytics at Zillow. “Even if they may have thought about selling a couple years ago, to look at where the market is now can be surprising.”
Can I Trust the ‘Zestimate’ for My Home on Zillow? | New York Times Real Estate Q&A Pretty remarkable statement in the middle of this short article: A Sotheby's agent is quoted as saying, "He has never heard of a tax assessor relying on a Zestimate." Don't rely on algorithmic valuations for your property's value. These estimates are interesting, but anything but the final word. Read the paywalled article on NYTimes.com >
Why Your Zillow Estimate is Wrong | What Your Home is Actually Worth | Pauly Campanaro Discover the 3 reasons online home value estimates fail: they can't account for condition (your $40K kitchen remodel), they lag behind the market (using 60-90 day old data), and they don't know your competition (what's hitting the market this week). Learn why pricing right matters: homes priced correctly sell 19 days faster and for 3.8% more ($15K+ on a $400K home). Excerpted from this video posted by Pauly Campanaro:
@SacAppraiser | Ryan Lundquist Zestimate history. This property in Roseville listed at $349K, and the Zestimate matched the list price at $349K despite comps being above $600K. After 11 days the price went to $699K (sold $638K). Today's Zestimate shows no history of $349K. Maybe a brief Zestimate gets erased?
