Zillow admits they’re usually wrong!

We used to say, “Zillow is sometimes right.” But according to Zillow’s own data, their “zestimate” is off by an average of 4.5% on each home (=$13,500 on $300k home). One in eight of their value estimates is off by 20%! The CEO of Zillow sold his home for 40% less than his zestimate. This means that if you price your home sale off of Zillow you are leaving a lot of money on the table, either by underpricing or by overpricing (overpriced listings, too, sell for less, and has been demonstrated statistically). This is because appraisal valuations used for lenders require COMPARABLE properties, not an average of sales. In this case, real people are way more accurate than big data. I would be happy to give you a broker price opinion on your home, and gladly explain and demonstrate how I arrive at that valuation using the standards an appraiser is required to use for an accurate valuation. -Brian Dodd, Broker, Sparrow Realty Group

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