Many homeowners are disappointed to find out that their home isn't actually worth as much as Zillow says it's worth. So why are home value calculators like Zillow incorrect so often?
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If you're selling your home, you may have looked to Zillow.com to see what your home is worth. Many times, Zillow will say your home is worth more than what your Realtor says it's worth. Why is that?
If you're selling your home, you may have looked to Zillow.com to see what your home is worth. Many times, Zillow will say your home is worth more than what your Realtor says it's worth. Why is that?
For starters, Zillow's home value calculators rely on a formula that only considers things like square footage and recent home sales in the area. As you know, however, most homes aren't perfect after years of wear and tear. Realtors dislike Zillow's Zestimates because they involve no human interaction. Zillow can't physically come see your home. Instead, it relies on an algorithm and statistics.
Secondly, these online estimates miss the details of a home. Your home might have wallpaper from the 1950s or a kitchen that hasn't been upgraded in 20 years. If your neighbor's home has those upgrades, the Zestimate can give you false hope because it doesn't know that your home needs the updates. On the other hand, if your home actually has all these updates and renovations, Zillow still doesn't know that. It could miss value that your home has.
“
Zillow can't come see your home in
person like a local Realtor will.
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person like a local Realtor will.
Third, these Zestimates are strictly guidelines. They give homeowners a lot of false hope, and even though it's easy to tell ourselves that the values they provide aren't always accurate, it's not always easy to remember. When you think your home is worth more than it actually is, you will be disappointed when you find out that it might be different.
You can do some homework on the Internet to look at recent sales in your area to get a better idea. To get the best idea of your home's value, you should consult a local Realtor who sells a lot of homes in that area. They can show you what has sold recently and compare the benefits and features of those homes to yours to help you come up with an accurate value for your home.
The southern Maine market is a very attractive seller's market right now, so if you'd like to know what your home is truly worth or you're ready to sell now, give me a call or send me an email soon. I'd be happy to help you!
