The Drawbacks of Using Zillow
While I have nothing against Zillow, there are a few problems with their Zestimate tool and the data they offer on homes listed on the market that you need to be aware of.Want to Buy a Home? Search All HomesWant to Sell a Home? Get a Home Value Report Whether you’re a buyer or a seller, there are a couple drawbacks to using Zillow and their Zestimates that you need to be aware of.First, I want to say that I’m not against Zillow. Their website is easy to use (I use it myself) and it does provide a lot of value for a lot of people out there. Their most valuable tool is their agent-finder tool. They’re in the business of working with agents and collecting reviews on those agents from consumers who’ve worked with them. If you want to learn more about the Anderson Group and the value we provide to our clients, I invite you to go on Zillow, use this agent-finding tool, and read our reviews.Now, what is a Zestimate exactly? A Zestimate is an automated valuation tool you can use to get an estimation of a home’s worth. It gives a home’s valuation by compiling data of other comparable homes. There are a couple problems with this tool, though.If you’re a seller in our Southwestern Idaho area, the first problem is the lack of data. Also, the owners of homes that are on Zillow can edit and update their own home’s information, so the data that Zillow does have regarding homes that are comparable to yours may be false.Secondly, our area doesn’t have the number of home sales necessary to allow a valuation in a fully automated fashion. It requires hundreds and hundreds of homes to be able to remove the personal element and expertise out of the valuation process and calculate an accurate number for your home.In fact, Zillow has their own disclaimer that states that their Zestimates are only typically within 15% to 20% of your home’s true value. That disparity can be worth as much as $80,000, so that’s not a valuation anyone can really trust. This is why you need the eyes and experience of a professional agent to help you figure out what your home is worth.“You need the eyes and experience of a professional agent to help you figure out what your home is worth.” In the meantime, if you want to use a home search website that’s updated in real time and connected to the MLS, head over to our site www.idahofallspropertysearch.com.The fact that the data on Zillow isn’t current is an especially big challenge for buyers. Oftentimes, Zillow’s data is two or three days old. If you’re a buyer looking in the $175,000 range, many of those houses are sold within 48 hours of hitting the market. If you’re trying to search and buy a home on your own, you’re typically at a disadvantage anyway, which is why it’s critically important that you work with a professional agent. In your case, work with an agent who’s experienced, who will go to bat for you, and works exclusively with buyers.