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Barb Schlinker home of Your Home Sold Guaranteed* share the top 5 reasons why you CANNOT trust the accuracy of the Zillow Zestimate for your home’s value. When you are thinking about selling your home, looking at the information on Zillow, like their Zestimate is a popular thing to do.
1) Zillow is not looking at your Home’s Condition and Features 4715 Sourdough Place The Zillow “Zestimate” was $348,000. 3 Other AGENTS told the seller the home was worth $350,000. But I could see the updates and views and knew it would sell for more. We listed the home at $425,000. Right after we did that the Zillow Zestimate went to $411,000. I sold this home the first weekend for $427,000. If the Seller Believed the Other 3 agents and the Zillow Zestimate it could have cost them $77,000! Zillow posts a “Zestimate” Zillow does not know your home’s conditions, improvements or about the location.
2) Zillow has little knowledge of your location or a lot of qualities. Mountain Views, Culd-e-sacs, Golf Courses, walking distance to schools can add value. Location is 70% of the buyer’s purchase decision.
3) Zillow’s Data if Often Inaccurate, 50% of Zillow’s revenue comes from real estate agents buying leads from Zillow. They don’t even tell buyers a home had a contract. They just want buyers to call so they can sell leads to real estate agents like me. When they give comparable sales. Zillow does not always compare apples to apples in selecting which homes might be a good comparable to indicate a home’s value.
4) As the Market Shifts, Zillow’s Zestimate cannot keep up with rapid market changes like a rise in interest rates or seasonal changes. Their values could be over or understated by thousands.
5) AND HERE IT IS…TOP REASON YOUR HOME’S ZILLOW ZESTIMATE MAY NOT BE ACCURATE…ZILLOW WILL MAKE AN OFFER TO BUY YOUR HOME AND THEY WILL FLIP IT FOR A PROFIT. DO YOU THINK ZILLOW IS GOING TO PAY FULL MARKET VALUE FOR YOUR HOME? IF THEY DO THEY CANT MAKE A PROFIT! SELLING YOUR HOME TO ZILLOW MIGHT WORK FOR HOME SELLERS WHO WANT A QUICK AND EASY OUT. ZILLOW IS AN INTERNET COMPANY BACKED BY WALL STREET WHO HAS A GOAL TO MAKE A PROFIT ON YOUR HOME AS WELL AS PUT REAL ESTATE AGENTS OUT OF BUSINESS!