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Why Zestimates Can’t Give Your Home a True Value

What’s the best way to get an accurate home value? Not from Zillow, apparently.

If you’ve recently visited Zillow and were shocked at the figure you got from their Zestimate feature, you’re not alone. If you’ve thought about suing Zillow because of this inaccurate information, you’re not alone either.

That’s right, there is a woman in Illinois who is suing Zillow because she is having trouble selling her home. My friend Barbara Corcoran was on Good Morning America recently to talk about this topic. You can see her full comments above, but there were a few things she said that stood out to me.

Trust an expert’s opinion on your home value, not a website’s.

First off, the woman suing Zillow believes her home is worth $626,000, nearly the same price she bought the home for. The Zestimate for her property, however, came in at just $562,000. 

Zillow has publicly responded to the lawsuit saying, “A Zestimate is as starting point to determine a home’s value, and is not an official appraisal. The plaintiff can update her own Zestimate by adding the square footage of her home.”

Is Zillow the best place to start determining your home’s value? This is what Barbara had to say:

“Yes it’s a good starting point, but it’s not a reliable figure. If you want to get the best price, or at least an accurate one, you must know the real value of the home by being accurate about what homes are compared to yours and a real estate agent who knows what they are doing.”

Essentially, don’t trust Zillow when it comes time to price your home. Trust the expert opinion of a local real estate professional. If you’d like our opinion on your home’s value or if you have any other questions, give us a call or send us an email. We would love to hear from you.