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Beware of the Zillow 'Zestimate' When Pricing Your Sebring Home
Manage episode 154023088 series 1110871
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As real estate professionals, we're continually bombarded by the question,"Why does Zillow price my home differently?" So today, we'll look at how Zillow actually determines their home values, and who calculates their Zestimates.
If we go on Zillow's website, this is how they explain it: The Zestimate is created by an automatic software process designed by statisticians, and there is no ability for humans to manually alter the Zestimate for a specific property.
Let's say a home is estimated to be worth $500,000. If the Zestimate is off by 10%, that's a difference of $50,000! If the home is under-priced, you're missing out on tens of thousands of dollars. If your home is overpriced by 10%, it will sit on the market for awhile, and you might have to drop the price, causing buyers to wonder what's wrong with the home.
Remember, Zillow can't take features or upgrades on your property and compare them to other recently closed homes in your area. Doing so gives you a more updated value on your property.
Ultimately, if you want the most accurate price for your home, make an appointment with a real estate professional. We will go over your home and the market data in order to give you the most accurate home value.
If you have any questions, or if you're interested in a home valuation, give us a call or send us an email. We look forward to hearing from you!
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