Zestimates - Linen

If you follow the real estate market, you've likely come across Zillow's Zestimates and other online tools that estimate the market value of properties. But how accurate are these estimates, and should you rely on them for pricing your home? Let's dive in.
How are these estimates calculated?
Each website calculates its property values using a combination of publicly available data, recent comparable sales and proprietary algorithms.
Are the estimates accurate?
While estimates can provide a general idea of a home’s value, they’re not always precise. The accuracy can vary significantly based on location, the quality of available data, and recent market changes. Zillow claims the median nationwide error rate for their on-market home estimates is 2.4%, while the Zestimate for off-market homes has a median error rate of 7.49%. Some geographical areas have far more accurate estimates than others, largely driven by the volume of recent sales.
Should you rely on an online estimate to price your home for sale?
In my opinion, absolutely not. A computer-generated estimate cannot take into account information it doesn't know about, including extensive upgrades, high-quality finishes, and so on. The longer it's been since your home was sold, the less accurate the online estimate is likely to be.
While Zestimates can be a useful tool for getting a rough estimate of your home's value, they should never replace a professional appraisal or comparative market analysis (CMA). If you're ready to get an expert valuation of your home, I'd love to help. Send a DM or comment below to schedule a no-obligation consultation.

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