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How accurate are Zestimates and other online valuation platforms?

If you’re familiar with the real estate website Zillow, you’ve more than likely heard of their ‘Zestimate,’ which is their online home valuation tool. But how accurately do Zillow and other similar platforms gauge your property’s value?

Zestimates can be anywhere from 4% to 12% off the mark when it comes to estimating a home’s value, and there are a lot of factors behind why that is.

The best way to get an accurate valuation for your home in today’s fast-paced market is with a comparative market analysis.

These online valuations are produced by an algorithm that draws from the characteristics of your home that you, the user, enter into it, as well as public data. If you live in a large, new community with a couple hundred homes that aren’t very diverse in style, your chances of getting an accurate valuation are higher. As those homes get older and improvements are made to some and not others, the chances of getting an accurate valuation drop.

The best way to get an accurate valuation for your home in today’s fast-paced market is to get a comparative market analysis done by a local real estate professional.

 If you have any questions about the current value of your home and where you stack up against your current Zestimate or other online valuation, please feel free to give us a call. We’d love to help you.