(Published on - 3/19/2019 7:23:03 PM)
One of the most frequent questions I get asked is “Is my Zestimate correct?” My answer is always "It depends". Zillow uses an algorithm that accounts for homes inside of a radius. The Zestimate algorithm does not account for lot size, upgrades, curb appeal or functionality. They use commonalities such as bedrooms, bathrooms and square footage. If there are homes around you that are similar to yours that have sold recently the chances of an accurate Zestimate are better. If your home happens to be in a radius mixed with single family homes, town homes, condos or manufactured homes it will not differentiate, which can drastically change the zestimate.
You can actually log into Zillow and find out the accuracy in your County. Currently Zillow is reporting at a 48.6% accuracy for Zestimates in Coconino County within 5% of the sales price. For example if your home gets lumped in with a recent sale that has a very steep driveway and back ups to a main road that could count against your zestimate. Conversely, if your home gets lumped in with homes that are newer, have more upgrades and a larger lot that could falsely inflate your Zestimate.
My recommendation? Of course, use a Licensed Realtor® who is knowledgeable in your neighborhood and can help you evaluate the distinct features in your home and help you arrive at your home’s specific value.