Princeton Town Topics – Let’s Talk Real Estate – April 18, 2018
ZILLOW: MY HOUSE IS WORTH WHAT?
Whether youâ€™re interested in buying or selling a home, youâ€™ve probably done a little online sleuthing to find out average prices for similar homes in your area. One tool thatâ€™s become really popular for gathering home value estimates is Zillow, which uses an algorithm to â€œguesstimateâ€ home values. The resulting estimates are called â€œZestimates,â€ and while it may sound appealing, multiple studies have shown the tool itself is wildly inaccurate. In fact, thereâ€™s at least one lawsuit pending against the company that alleges the values it provides are extremely misleading – even damaging.
If you want to do a little online cost comparison, the Realtor.com website is a much better option. Even then, though, the site offer asking prices, which can be aÂ lotÂ different from actual final sales prices. The best option of all: Talk to an actual real estate agent with experience in the market youâ€™re interested in. An agent is â€œon the groundâ€ every day with access to all sorts of market info not available online. And that means theyâ€™re uniquely positioned to offer you the best guidance and most accurate values to get you the best price and the fastest closing – whether youâ€™re a seller or a buyer.