Can you trust Zillow’s Zestimates?
The short answer is no—whether you’re buying or selling, they should only be used as a starting point. Roughly 75% of the Zestimates in Colorado are inaccurate. Even Zillow states that their Zestimates are off by an average of 5%, and we’ve found that the average is usually closer to 10%. That means if the average sale price in your area is $400,000, the Zestimate for any home could be off by as much as $40,000.
Zillow relies on public and user-submitted data to calculate their Zestimates, which means that anyone can artificially inflate their home’s value on Zillow’s website. Think of it this way: If you weren’t feeling well and went to WebMD to give yourself a diagnosis, that might work if you have something as simple as a cold. If you have a serious health concern, though, you’ll probably reach out to a doctor.
That’s why, if you really want to know what your home is worth, you’re better off reaching out to a real estate agent. Here at Finch & Gable, we’d be happy to meet with you, go over the numbers, and give you a free, accurate valuation of your home.
If you’d like to take us up on this offer, would like to know more about Zillow, or have any other real estate questions, don’t hesitate to reach out to us. I look forward to hearing from you.