How many of you check zestimate before you even think about selling their property? I bet most of you… but could it be really accurate?
According to Money.com you should think twice about trusting Zestimate home value. Zillow is able to collect information from the internet to find out the property square footage, number of bathrooms and bedrooms, lot size, but can they really know the value of the property without walking through the property? So to be honest with you, Zestimate is usually far off.
GeekWire posted an article about Zillow CEO Spencer Rascoff sold his home in 2016 40% less than Zestimate. This transaction, as well as 7000 HOMES being sold now at a whooping loss of 20-30 millions, showing us the shortcomings of the zestimate. Viet Shelton a spokesperson at Zillow said: “We leveraged the Zestimate in our Zillow Offers operations the same way we encourage the public to use it: as a starting point,”
When it comes to selling or buying a property a lot of things play an important role. Is your roof new? Did you do any updates inside? New kitchen? New bathrooms? Everything matters. You can’t compare your house to your neighbors that recently sold, but had all the updates done and you might not. This just does not make sense. That’s why we have true professionals that come check the property- home buying specialist, contractor or appraisal. Someone who is able to tell you the value of the property by seeing it, they can also tell you what upgrades need to be done to bring the value up. Think twice before trusting Zestimate.
Next time you will think about selling your house in Rockford, find a professional, other than a zestimate, to help you decide the current value of your home. Someone who is physically able to come to your house and check the condition of the property. When you don’t have any experience with buying, renovating and selling houses, you can’t just believe that a zestimate is the price you should get for your property. Like an appraisal said in this article “Zillow can’t smell if twenty cats live there” .
Zillow first came out with a business plan in 2018 that they will be buying properties directly from the sellers, renovating them and reselling them for a profit. Zillow made us believe that they will buy every property at Zestimate price, but that didn’t last long. It turned out that Zillow can’t be that accurate when it comes to buying, renovating and reselling. Zillow announced that they are quitting their house flipping business and will not purchase more houses in 2021. Due to the current shortage of labor and materials, Zillow can’t close and renovate the homes fast enough. This only tells us that they failed.
If you are tired of dealing with your old house and want to sell fast give us a call at (847) 242 2212. We can make you a fair cash offer, and we are able to close in as little as two weeks. No closing cost, and we will help you move.