This is where things get interesting. Zillow has a feature that they call a Zestimate. This will give you an estimate on a home’s value in your neighborhood. It will even give you your home’s or condo’s estimated value. I do many, many, CMA’s “Comparative Market Analysis” of Real Estate Values in San Diego for thousands of home owners and I’ve been doing this for many years. It’s a FREE Home Value Assessment of your house or condo. There is no substitute for an experienced real estate agent when it comes to valuing your home. Banks don’t use Zestimates when they appraise your home for a loan or refinance, they send out an appraiser to visit your home and accurately appraise the home. They haven’t created a software program that they just plug in numbers and out comes the accurate appraised value of a home or condo. It wouldn’t be accurate and honestly as you already may know and most agents know the Zestimate, most of the time is not accurate either. It doesn’t take into effect all of the data just a very small portion of it.
I do a lot of work for FSBO “For Sale by Owner” home owners in San Diego County and I always run a Comparative Market Analysis for them. I always ask them how they came up with the price of their home. I’m surprised to see how many of them say they used the Zestimate that they saw on Zillow. Usually 9 out of 10 times the value is off and sometimes by a lot. It can give a home seller a false sense of their homes value and usually puts a shock on their face when I show them the real value of their home. Sometimes a good shock and sometimes not so much. I tell them it’s better to have the real information rather than a made up estimate of what a computer program thinks the value of your home is without taking into consideration what only a local real estate agent would know.
I would say that you could go to Zillow’s web site and get a free estimate on your home’s value but I don’t believe it would be an honest valuation of your home. Instead I would rather have you contact me for a home value check of your property.
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Information believed to be correct but is not guaranteed.