How much is my home worth?
Is your home value not quite right?
Have you ever heard of Zillow? If you’ve ever looked at houses online, odds are you have visited their website. Zillow, is really an advertising company but they don’t make money advertising homes for sale, however. They make their money selling advertising space to real estate agents like me. Once they get the data on the property the sell little ad spaces to real estate agents so that if you are interested you click on the little box and reach out to one of them.
They usually have at least 3 of the agents listed, and sometimes they will have the Listing agent listed there as well. All of this is well and good until you discover that when you search for Homes for sale in Fishers, IN - they all not all there. You see, the websites are only as useful as the data that they have and there is quite a decent percentage of inventory that just doesn’t show up on Zillow. To make matters worse, Zillow has this thing called the “Zestimate”, perhaps you’ve heard of that as well. It’s a dollar amount that their algorithm assigns to the property. The key part of the word is “estimate” it’s just a starting point and it’s only as accurate as the data. If you remove the data, you remove the accuracy. Currently Zillow itself gives its Zestimate an accuracy rating of 1 star out of 5 - that’s kind of like an F.
So when you go to list your home, buyers look it up on Zillow and find a zestimate that is quite inaccurate. Even though they’ve never even set foot in your house, they may already get doubts about the value, which leads to doubts about its condition. You can “fix” this a bit, by claiming your home on Zillow. This could be very important since the previous owner may have had it on Zillow and any potential updates would got to their contact information and not yours. Simply go to Zillow.com and log in - you may need to create a free account if you don’t have one already, then:
Search your address
Select the property
Choose Home Owner View
Choose Claim Property
Update your property - or not, totally up to you
Really, you don’t have to update your property information - add photos or anything like that. In fact, it is important to remember that once you put information there about the property on that site - it is pretty much there for ever and always. Wrong information can be corrected and probably should be. It might take a few days for the whole thing to update, but eventually the computer will update the Zestimate - say for example if Zillow showed you had 3 bedrooms when really you have 4. That will likely get your more value.
In the end it’s up to you if you want your property information on Zillow - it does attract quite a few buyers every month. The downside is that if the zestimate is off - and we already know that they don’t have confidence in it and it’s their product - Then it will likely stay that way and that could work against you when you try to sell. Talk to a real estate agent to help you price your home - we crunch numbers also but we actually drive through your neighborhood and walk through your house. An Algorithm will find it difficult to duplicate those things.
As always, if you are interested in a FREE home value report, go to http://myhomevalue.chrisjwood.com for your complete initial 70+ page property and market review.