The Problem with Zillow and Home Value

Philadelphia Real Estate Podcast With Jack Barry

A lot of our clients ask, “Can we trust Zillow to come up with an accurate value for a property?” The short answer is no. In most cases, Zillow’s Zestimates are off by 5% to 15% of the true price.
The problem is that Zillow uses similar homes in the neighborhood to come up with the value of a property. However, determining a home’s value is not that simple.
The best way to know what a home is worth is to contact a real estate agent, like me. We will pull all the comparable homes in your area and do a physical assessment of your property to determine what it is worth in the current market. Zillow has no way of knowing about any improvements you have made to the property.

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Don’t use Zillow to make any major real estate decisions.

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Ultimately, whether you are buying or selling a home, Zillow is a great starting point, but don’t use it to make any major decisions. The CEO of Zillow himself ignored his home's Zestimate when it because the Zestimate was 40% off! He went with an agent instead. Read all about it here.
If you have any questions about home values or real estate in general, please don’t hesitate to reach out to me. I would be happy to help you!