BUT WHAT ABOUT THE ZESTIMATE?!
Here’s what Zillow says about their Zestimate:
“We use proprietary automated valuation models that apply advanced algorithms to analyze our data to identify relationships within a specific geographic area between this home-related data and actual sales prices. Specifically, some of the data we use in this algorithm include:
Physical Attributes: Locations, lot size, square footage, number of bedrooms and bathrooms and many other details.
Tax Assessments: Property tax information, actual property taxes paid, exceptions to tax assessments and other information provided in the tax assessors record.
Prior and Current Transactions: Actual sale prices over time of the home itself and comparable recent sales of nearby homes.
Here’s what Zestimate can’t factor:
- Sales in your specific neighborhood (Zillow pulls by zip code)
- The condition of your home
- The condition of homes in your neighborhood
- Any local factors affecting the value of your home: i.e. crime, commercial construction, city zoning modifications or flood zones