SCOTTSDALE, Ariz. — Homeowners who want to know how much their home is worth are clicking right to Zillow.
“Zillow has done a great job of branding themselves as the go-to place,” said Valley real estate expert Dean Wegner. “If you want to know value, the word ‘Zillow’ is synonymous with checking your home’s value.”
Wegner said that Zillow’s estimates of your home’s value, which it calls “Zestimates,” are extremely accurate, even though the Zillow is a “lagging index,” meaning that the data is going to be 30 to 90 days old.
Wegner recently put Zillow to the test.
“We looked at five Zestimates and five appraisals that had just happened within the last five days. These were values before Zillow was able to digest the public records information,” Wegner explained. “What we found was that Zillow was about 99 percent accurate in all of those cases.”
Another Valley realtor, who wanted to remain anonymous, disagrees with Wegner, saying that Zillow is not accurate.
She was contacted after it was noticed that a house she has listed for sale is priced at $23,000 more than the Zestimate. The realtor told us that Zillow does not take into account the condition of the house, such as whether it is in bad shape or has had several upgrades.
Wegner says that Zillow is a good way to find your home’s value, but there are other things to take into account when deciding the selling price of your house.
“I look at the Zestimate, and then I look at homes that are currently under contract in the neighborhood,” Wegner said. “Then I can see that if your same floor plan is under contract at a much higher amount, I know that we can push it another two to five percent above that.”
Wegner says he checks home values on Zillow several times a day.
- Affordable small home makeovers for Mother's Day
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life