Understanding how Zillow gets it’s information:
To make it sweet and simple…Brokers/Agents enter their listings into the MLS in their local area that they belong to. There are over 900 MLS’s across the United States, so clearly, this data ends up becoming pretty fragmented. The MLS data is then pushed to Zillow (and Trulia and other outside sources).
Zillow is a computer program that analyses “closed sales data” and “tax assessments records” which are pulled from public tax records from the local county or city in which the property is located. So does Zillow really work? A Tax Assessment is the value the city or county places on the property for tax purposes. That value rarely reflects the market value of the property.
HELP! My Pictures, Home Characteristics and Information are wrong on Zillow!
The Internet has made much more information available to consumers, but… not all the information is equal, or even accurate. As a part of our value added service to our clients, we will be happy to correct your property information.
Zestimate Is Not An Appraisal
I don’t place a lot of value on the zestimate because it does not take a detailed look at your home like an appraiser would if they were measuring and walking through your home. It does not see the quality of construction or materials and it does not sift through sales data to choose the most relevant and similar sales like a live appraiser would. Remember, this consumer site is only as a reference but it is definitely not a real live person who can reference competing homes, the current and past market performances, and what today’s buyers are willing to pay. That is what we are here for.
The Smartest Choice
The best way to get the most accurate value estimate on your home is with an appraisal by a local and experienced appraiser. If you have any questions about zestimates, estimates or appraisals feel free to contact me. The smartest thing you can do when considering a move, is to contact your local real estate expert and we can give you professional advice you can take to the bank!
If you have questions regarding selling or buying a home… or prefer more up to the minute accurate listings…….Call or Text me, Caron Koteles Riha (248) 379-6651.
I will be happy to answer any questions you may have about real estate. I am here to help!