Why Are They Hiding Important Information That Could Cost You Thousands?
Knowing the average inaccuracy of the Zestimates in your area might greatly impact your decision on whether or not to trust that number. The average consumer is accustomed to trusting online home valuations because they don't know where else to go.
According to a recent court case, Zillow’s controversial “Zestimate” tool repeatedly undervalued a woman's home, causing her home to sell slower. This is not the only case of this type of inaccuracy happening. Read more about what this woman had to say about "Zestimates" here:
Should obtain “the consent of the homeowner” before posting them online for everyone to see...
So why is this Woman's case important? An inaccuracy as small as 10% could be as much as a $100,000 difference. A $100,000 difference in the value of your biggest financial asset would surely be concerning to any homeowner. As you can see below, the inaccuracy averages across the country are range from 4% in Arizona to as high as 7.3% in Tennessee. This information could be the deciding factor between selling your home or waiting.
Zillow doesn't make it easy to track down "Zestimates" on their website. Sure you can easily get a "Zestimate" by clicking the box right in the middle of the home screen, but what if you had a question or wanted to learn more? This is where it gets tricky.
One fact overlooked by many homeowners is that the accuracy of the Zestimates in their specific area can be drastically different than the national average.
When you visit Zillow.com ALL the way at the bottom is the small tab "Zestimates". Here you will find FAQs about Zestimates and hyper-local information that you've probably never seen before.
This is a big red flag. Not only does this tell the public that Zillow is unhappy with how their own Zestimate Home Value tool performs, but that they believe individual contributors could do a better job then their own people.
Zillow is offering a $1,000,000 reward to anyone whom is able to drastically improve their Zestimate algorithm.
As proud Oakland County community members, whom actually live, work and sell homes here, we would be happy to prepare and send you a free report detailing exactly what your home is worth today.
Technology has provided us some excellent tools, however, when it comes to the value of your largest financial asset, accuracy matters. Let us help.
People throughout the United States have begun relying on “Zestimates”