- Lynea Carver
Zillow and the Zestimate
Would you ever marry someone you hadn't met? Let's say you know what they look like, you have an idea of what they're like, but you've never actually met them in person. Would you marry them? Well, I can tell you that I wouldn't. You might be wondering what marriage and real estate have in common, I'm going to tell you that today. Hi, my name is Lynea Carver and I am with Choice Gallery Homes.
Marriage and real estate is kind of like letting Zillow tell you how much your home is worth. You see, the Zillow estimate is an algorithm based on public data. It is a proprietary formula that takes into consideration the size of your house, the location of your house, and essentially what your neighbors are selling for. What Zillow doesn't know is what's going on inside. It doesn't know what kind of upgrades you have, it doesn't know what your view is, it doesn't know if you're in a gated community, it doesn't know how big the bedrooms are, etc. There is so much more that goes into a home valuation that Zillow cannot tell you because it is a computer. In fact, according to Zillow's website, the estimate is a formula based on proprietary information, it is not an appraisal, it is merely a place to start thinking about the value of your home. Zillow even acknowledges that in the US as a whole their estimates are within 10% of the homes sales price 71.5% of the time! That's a huge margin and that's where I come in.
Let me show you a couple of examples where the Zillow estimates were off by quite a significant amount and made a huge difference in my clients’ lives. Let’s take a look at this perfectly updated rambler in South Hill. The Zillow estimate was around $343,000 we listed it at $363,000 and we sold it for $377,000. That's $34,000 more that my sellers made!
What about this gardener’s dream in Covington? The Zillow estimate was $429,000, we listed at $445,000 and it sold for $460,000…another $30,000 that my sellers got to take with them.
Finally, let's take a look at 4815 Thompson in Tacoma, this home had a Zillow estimate of $289,000 and we sold it for $350,000 that is $61,000 extra dollars that my sellers got to take with them! Wow, you can buy a car with that, you could put a nice hefty down payment on a new house with that, so be careful when you look at the Zillow estimate and figure that is how much your home is worth.
Fortunately, my team and I live and play in the South King and Pierce County area and we are very well versed in helping you get the most for your home. To learn more, click the link below or call me at 206-962-0247. And remember, whether you're buying a home or selling a home it all starts with a dream. Let's dream together!