What does the latest Zillow news mean for our market? Let’s talk about it.
In case you don’t know, Zillow is a website that offers a tool called a Zestimate. They use an algorithm to give you a rough estimate of what your home might be worth. It’s a convenient tool, and you may have even used it yourself.
However, as real estate agents, we know these Zestimates need to be verified before making any major decisions. If you don’t verify their value, you could end up massively overpaying for a home, which is exactly what happened to Zillow.
"Always have your home’s value verified by an agent."
They purchased a bunch of homes based on their algorithm, but when they tried to sell them for a profit, they ended up losing millions of dollars. In our opinion, if Zillow can’t trust their Zestimate, then we shouldn’t trust it either.
Fortunately, we provide home value reports to our clients, and we customize them based on the unique features of your home. If you are looking to sell, make sure you talk to an agent who can verify your home’s value.
If you have any questions, please reach out to us via phone or email. We are always willing to help!
