Just how accurate is Zillow’s Zestimate feature? Today, I’ve got some information you need to know before relying on this website.
Many people are curious about the true credibility of Zillow’s Zestimate feature.
First, the Zestimate relies only on data because it is computer-generated. Nothing else can be taken into account. This becomes even more of an issue because Montana is a non-disclosure state, meaning that real estate transactions are not public information and cannot be pulled up through databases.
The Zestimate also has the disadvantage of there being no personal viewing of the property. The Zestimate is based strictly off of numbers.
It also isn’t bankable. You can’t walk into a bank or lender with a Zestimate and expect it to count as an appraisal. In order to move forward, you will need a real appraisal.
A major reason for this is that Zestimates can be very inaccurate. The CEO of Zillow himself sold his home for $750,000 below his Zestimate, which was almost 50% of the sales price.
You can see for yourself how reliable Zillow is based on some of the information included here.
Ultimately, the best way to value your property is to work with an agent who is experienced in your area and with your type of property. The right Realtor will also have a strong pulse on the market.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.