FROM OUR BLOG
June 10, 2016

Ever wonder why home estimates vary so much on real estate websites like Zillow?

Zillow property value estimates (Zestimates), are a popular first stop for home-buyers (and sellers) browsing online.
However, Zillow’s algorithms rely on user data that is often inaccurate or doesn’t take into account a home’s upgrades or unique features.

Even the CEO of Zillow, sold his Seattle home for 40% less than the Zestimate of his property.

Zillow is continually updating their algorithms in an attempt to improve Zestimates, but too many variables affect accuracy.

Most ALL internet property valuation tools lack the reliable, local data needed for accurate information.

If you use Zillow, Redfin, Realtor.com and Trulia, you will get widely different home values for the same property.
These sites aren’t all using the same facts and details.

Values vary based on the market’s supply and demand for similar homes.
Denver trends have been rising, so in terms of a bigger picture, odds are your home value is rising.

So how do you get an accurate idea of a home’s value?
– A recent neighborhood report
– A local real estate website
– Use an experienced real estate agent with knowledge of the neighborhood

While online valuation tools are handy, don’t expect the estimate to be accurate.

If you need a recommendation for an experienced agent in a particular neighborhood, we can recommend many! 303-800-4595

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Sierra Pacific Mortgage Company, Inc.

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.