What are "Zestimates"?  Are they accurate?


If are buying or selling real estate, you have probably visited Zillow and come across their "Zestimates".   "Zestimates" are computerized opinions of value.  According to Zillow, they analyze "information on millions of homes for sale across the United States" to calculate home values.  So where do they get their information?  It appears that most of it comes from public record.  Sounds good, but public record is not always accurate.  For example, I searched for my home on Zillow. 

Zillow says               Actual

1 floor                      2 floors
937 sqft                   1160 sqft
Forced Air Heat         Propane Heat

Could an additional 200+ sqft affect the value? 
Sure
How does Zillow know the condition of the interior of the home? 
They don't  
Is it really appropriate to compare Maine homes to homes in California? 
No Way

How can you calculate the value of a home without actually viewing the home?  Wouldn't it make more sense to have an actual real estate professional come to view the home and compare it to homes in similar neighborhoods in similar condition?  An actual professional can see if the home is on a busy street, or has had a new kitchen installed. 

A professional will look for any number of things that may increase or decrease the value of a home.  I don't think a computerized "Zestimate" can do that.

Are you ready to have an experienced Real Estate Agent provide you with their knowledge of the local market, recent sales and the competition?  Give us a call at our Auburn office at (207)784-3800 or at our Scarborough office at (207)289-3830 to get started, today!