My friend Neal Haddad, PR/Marketing guru, sent me an email about this article on Zillow.com.
It’s interesting to see all the excitement about Zillow.
Zillow has some very nice maps where you can find comps. Unfortunately, their comps are a bit old, I’m seeing 3 to 4 months after closing.
My main internet venture Home Sale News publishes data that is only about 3 weeks after closing.
Be careful: Zillow’s value estimates (“Zestimates”) are dangerous is you don’t understand their accuracy.
For Phoenix Arizona, 28% of their “Zestimates” are off by 10% or MORE. Zillow’s esimates are only ballpark estimates.
If your home is worth $400,000, there’s a 28% chance Zillow.com will tell you it’s worth more than $440,000 or less than $360,000.
How would you like to be off by 10% or MORE in your pricing? That’s a huge problem either way.
So, Zillow is good for ballpark estimates but not for setting the list price of your home.
By the way, my experience has been that long term subscribers to Arizona Home Sale News have a very accurate idea of their home’s value.
Want a quicker way to get your home’s value? If you are planning to sell soon, call me to arrange a listing presentation.
When I make a presentation to you on listing your home, I’ll include a comprehensive analysis of your home’s market value.