Triangle Area Real Estate News & Information

Are Zillow "Zestimates" , do they offer anything of value to a home buyer. With Spring selling season heating up, I'm bringing on several new buyer clients each and every week and many of of them talk to me about home's they've seen on Zillow and the estimate of value (that Zillow refers to as a Zestimate) that they see and why should they believe me when I tell them that they need to take this "valuation: with a significant grain of salt.

Here is a great video I' just found on YouTube that gives one of the better explanation regarding how Zillow arrives at their Zestimate and why while it may be worth considering it's prone to higher than average levels of inaccuracy in many markets.

How Accurate Is Zillow?

What this video shows is what is exactly what I've been telling my clients for many years that it's important when looking at the information Zillow supplies to understand that no one at Zillow actually works in real estate and that they have never actually seen any of the properties their evaluating. Zillow as the video points out make a false assumption that all homes and parcels of property are equal in terms of desirability, condition, finish quality etc. Obviously this isn't true and for this reason they report that here in the Triangle they feel their estimates of value are within 205 of the true market value 80% of the time.

This doesn't mean there there may not be good information to be gleaned by a buyer from Zillow, Trulia or similar sites, but that savvy buyers understand that these valuations are frequently off the market and are not a good substitute for having an experienced professional who knows the local market well to rely on for more accurate analysis.

If you're seriosely looking for a fair market analysis of your property, you'll want to get help from the people who know your area best. Our team not only serves Durham, Cary, Chapel Hill and beyond, but we live in the area too. Get in touch with our team today or fill out the form below to request a comparative market analysis of your home.

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