Zestimate: Is It Accurate?

March 20, 2024

Hey, there is Amber Johnson, founder of Pillar Real Estate. And today, let's chat about the Zillow Estimate, also known as a Zestimate and whether or not it's the real deal. To put it quickly and simply, the answer is a resounding no. And here's why.

First, the inaccuracy. Zillow's estimate can be way off the mark because it relies on a unique algorithm or formula that's based on public data. But Zillow has never talked to you or set foot inside your home. So that means that Zillow can't account for any of the special features or upgrades that you've invested in. For instance, imagine that you and your neighbor both have homes of similar age and square footage. You've transformed your kitchen into a chef's paradise while your neighbor is still rocking that 1980s look. Well, Zillow's estimates for both properties would likely be the same or very similar, even though they shouldn't be. Second, there is a lack of precision. Zillow has openly admitted its lack of accuracy. They claim that their estimates are within 5% of the real value, only 50.2% of the time.

That's quite a gamble. If you're looking for an accurate valuation. So what should you do? If you want to know your home's true value? Consider getting a comparative market analysis or CMA done on your property. That's done by a professional in your area. That's where I come in. If you want to know what your home is worth, simply click the link below to request the CMA. All I need is your name and property address and I will get to work and have it ready for you in no time. I'm Amber Johnson with Pillar Real Estate here to help you make informed decisions on your home.