How Accurate Is The Zestimate?

    HVL BeavertonWith the inventory in the Portland Market at 1.2 months, some home owners are attempting to value their homes by themselves.

    Myself, alongside my team pro-actively prospect daily all new inventory that hits the market via RMLS, Zilllow, Trulia, Craigslist, etc.  We have found that while asking the question, “How did you determine the price?” More often than not we hear the same story, “We determined our price from the Zillow “Zestimate” or other estimates found on the various selling platforms.

    This is a huge concern for myself and our team as homes are selling very quickly in the Portland Market, and For Sale By Owners think they are saving money by not using a professional for the job, when in reality they are leaving money on the table. Even Zillow’s own site says their Zestimate is only within 20% of the transaction price 83.1% of the time, nationally.

    There is a reason that Zestimate and guesstimate share six letters.

    20% is a much larger number than you may first imagine. For example, if your home estimate comes back at $300,000 you know that your house is somewhere between $240,000-$360,000. This is a huge range to choose from when you are not a expert in the current market, which is ever evolving.  Zillow is only within 10% of the transaction price 63.6% of the time.  Just a little above a coin flip.

    If you are interested in selling your home and need a current market analysis GIVE US A CALL TODAY.

    We are always willing to offer you advice for getting your home sold, as well as provide you with a complimentary comparable market analysis to truly understand your home’s value.
    Don’t leave money on the table. Your home deserves top market value.

    Josh Rose
    Licensed Real Estate Broker
    Direct Line (503)-673-6133

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