Zestimates…are you counting on Zillow for your home’s value?

Many home sellers we talk to have been checking Zillow.com for their home’s value.  As a real estate professional, I am staying up on the market daily, while Zillow relies on sales information from 3 – 6 months prior to give sellers their Zestimates.  As home prices rise, Zillow does not stay up to date on prices and price trends and Zillow does not take into account pending sales, which are a true indicator of where the market is going.

Take for instance, an email I received this morning from Zillow.com regarding a listing we have that was currently pending.  Here is a copy of the email:

                    Home Report
3317 Lakeland Way, Elk Grove, CA 95758 For Sale: $318K                                                                                                                                3 beds                        |                                                2.0 baths                        |                                                2,009 sqftSee charts and data about this home

                        Zestimate ®
$294,509                                                    (+$19K / +6.8%)
                        Rent Zestimate ®
$1,657/mo                                                                                (+$29/mo / +1.7%)

So bottom line, Zillow says this home’s value has increased by $19,000 recently to $294,509.  Funny thing is we had this home listed at $318,000 and it SOLD in 14 days for $321,500.  Good thing we didn’t believe Zillow’s Zestimate of $275,509 when we listed the property!  Our seller on 3317 Lakeland Way, Elk Grove made $45,991 more!

If you have been checking Zillow.com to see how much your home has gone up in value, you need to call us today to find out the true value of your Elk Grove home now!  You will probably be surprised at what the true value of your Elk Grove home is.  Call us today at (916) 405-5737 to find out about our marketing plan for your home!

 

by Lori Mode

 

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