Do you rely on Zillow Zestimates? Or is Redfin your go-to for real estate “facts”?
A recent evaluation of online estimates revealed some interesting results…
Case Study 1: A Chicago Home
Buyer paid $750,000 for it in 2017.
Had a Zillow Zestimate value of $1,002,900 as of mid-July, more than 40% above the purchase price.
Redfin pegged the estimated value at $942,976 during the same period.
Chase arrived at the more conservative value of $881,800.
Case Study 2: A Tacoma, Washington Home
Had a Zestimate of $658,000.
Went on the market for $950,000, a whopping 42% above Zillow’s ballpark estimate.
This was due largely to the renovated home interior and waterfront location.
Bottom Line: Pricing models can’t account for specific nuances and hyper-local market knowledge that a real estate professional brings to the table. Make sure you have the right professional in your court, whether you’re pricing your house to sell it or trying to figure out what you should pay for a house you want to purchase.
Check out the full article here.
