Why Are They Hiding Important Information That Could Cost You Thousands
Searching for the accuracy of a Zestimate is nearly impossible if you don't know where to look and here's why....
Knowing the average inaccuracy of the Zestimates in your area can greatly impact your decision on whether or not to trust that number. People have become so accustomed to trusting online home valuations because they don't know where else to go.
According to a recent case, the company’s controversial “Zestimate” tool repeatedly undervalued a woman's home, making her home sell slower than she would like. This is not the only case of this type of inaccuracy happening. Read more about what this woman had to say about "Zestimates" here:
Should obtain “the consent of the homeowner” before posting them online for everyone to see...
So why is this woman's case important? A number as small as 10% inaccuracy works out to be $100,000. This isn't a small sum we are talking about here, it's a $100,000 difference in your largest financial asset. As you can see below the averages across the country are spread out amount 4% to as high as 7.3% in Tennessee. This information could be the deciding factor between selling your home or waiting.
Zillow doesn't make it easy to track down "Zestimates" on their website. Sure you can easily get a "Zestimate" by clicking the box right in the middle of the home screen, but what if you had a question or wanted to learn more. This is where it gets tricky.
One statistic that is overlooked by many homeowners is that the accuracy of the Zestimates in their specific area can be drastically different than the national average.
When you visit Zillow.com ALL the way at the bottom is the small tab "Zestimates". Here you will find a bunch of FAQs about Zestimates and hyperlocal information that you've probably never seen before