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October 15, 2018

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Zillow's Zestimate Said What?

We all do it - we hear about a house in the neighborhood that just sold so we go onto Zillow to see what they are estimating our home value to be (or what they call a zestimate). But did you know that a recent study by a brokerage in Maryland showed that Zestimates were off by 10% more than half the time. On the Eastern Shore of Maryland, Zestimates were off 40% when compared with the eventual sales price! That is a scary descrepancy. If a Realtor was off by that much, it would be grounds for a lawsuit for incompetancy. It is a Realtor's job to create substantial CMAs (Comparitive Market Analysis) for their clients and advise on market values for homes. We are still a long way off from being able to rely completely on computers without the input of trained professionals. For more reading on this subject, visit http://www.huliq.com/14076/realtorcom-makes-accuracy-matter-fun-new-ad-campaign.

 

 

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