Have you used Zillow to estimate the value of your home? Sure it is fun, but is it accurate. A Wall Street Journal test of this Seattle based technology (Feb 14, 2007) found that in their test of 1,000 homes, 1/3rd of the estimates were a off by just a few percentage points - but that 1 in 10 homes were off by 25% or more. One was off by $2 Million!
One home in El Cerrito, Calif was estimated by Zillow to be valued at $544,361 and sold for $80K. Another in Fall City, Wash. was estimated at $651K and sold for $2.7 Million.
As a real estate professional, Zillow concerns me in that when we price homes for marketing - we conduct a detailed and thorough analysis of the marketing, economy and home condition --- a comparative marketing analysis or CMA). How will our analysis play with the home seller who thinks their home is worth $600K in a neighborhood where we believe the price should be $475K?
When you are serious about selling your home, contact a real estate professional. We'll keep our eyes on Zillow to see if - over time - there are improvements.
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