Zillow Announces Enhancements To Zestimate Home Values

Zillow Announces Enhancements To Zestimate Home Values

So I just got an E-mail from Zillow's Greg Schwartz (Chief Revenue Officer, Zillow Group) that I have to share. 

The email announced today that Zillow is incorporating something called enhancements to Zestimate® home values. This will give homeowners the ability to edit on Zillow their home facts. This is huge because many times as a real estate agent I hear buyers say "Zillow says the home is worth "x" amount and even though the listing price is $50K above this Zestimate® I want to offer "x" amount under asking." And the same applies when a home has a higher Zestimate® home value than it should. A homeowner may see a value, good or bad, and think that is what their home is worth. Sometimes it plays in their favor and other times it does not.  I hear arguments from both sides all the time, but a home is only worth what a buyer is willing to pay. 

I think this will help show in a better light want a home's value is more realistically. But we shall see. 

Some of the items that can be tweaked are square footage. This can really impact the Zestimate® of a home because sometimes a homeowner may add square footage to a home and it may not be reflected on Zillow and explaining this to a buyer may be difficult and it could present unnecessary red flags. A buyer may wonder about things like permits and whether or not things were filed with the city correctly. But remember square footage is just one example of many. 

So if you are a seller or someone thinking about selling your home then I advise that you contact your neighborhood real estate agent (ME!) and sit down and go over the info Zillow has on your home. Look into this Zestimate® enhancement feature. It may be just the thing that can give you the opportunity to have your home's value represented more in your favor. But remember don't let it get to your head too much. 

Like I said before "a home is only worth what a buyer is willing to pay". It is an estimate that Zillow figures from an algorithm and it does change from time to time by Zillow's statisticians. A Zestimate® is not an appraisal. It is an estimate. 

If you need more information about this, visit www.zillow.com/zestimate.

Valerie Martinez-Friedberg Headshot
Phone: 914-839-0459
Dated: February 27th 2015
Views: 1,807
About Valerie: ...

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