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Is ZIllow.com a Reliable Source For Home Values?
April 19th, 2023 12:00 PM
When it comes to valuing a home, many homeowners turn to online tools like Zillow to get an estimate of their property's worth. While these estimates can be useful, they are not always accurate. That's why hiring a professional real estate appraiser is more valuable and accurate than relying on Zillow.com estimates.
Here are a few reasons why:
Appraisers are licensed professionals
Real estate appraisers are licensed professionals who are trained to determine the value of a property. They have undergone rigorous training and are required to adhere to a strict code of ethics. Zillow, on the other hand, is an algorithm-based website that uses publicly available data to estimate the value of a property. While their estimates can be a helpful starting point, they should not be relied upon as the final word.
Appraisals are customized to your property
One of the biggest drawbacks of Zillow's estimates is that they are based on data from comparable properties in the area. While this can be a useful starting point, it does not take into account the unique features of your home. A professional real estate appraiser will visit your property and evaluate its unique features, such as upgrades, renovations, and other improvements that may impact its value.
Appraisals are more accurate
Zillow's estimates are based on publicly available data, which means they may not have access to all the relevant information about your property. For example, they may not be aware of recent renovations or upgrades that could increase your home's value. A professional real estate appraiser will have access to more accurate and up-to-date information about your property, which will result in a more accurate appraisal.
Appraisals are accepted by lenders
If you are buying or selling a property, a lender will typically require an appraisal to be performed by a licensed professional. Lenders rely on these appraisals to determine the value of the property and the amount of money they are willing to lend. Zillow's estimates are not accepted by lenders and should not be relied upon in a real estate transaction.
Appraisals provide a detailed report
A professional real estate appraiser will provide a detailed report that outlines how they arrived at the value of your property. This report will include information about the property's features, the comparable properties used in the appraisal, and any other relevant information. This report can be useful if you are buying or selling a property and need to justify the asking price.
While Zillow's estimates can be a helpful starting point, they should not be relied upon as the final word on the value of your property. Hiring a professional real estate appraiser is more valuable and accurate because they are licensed professionals, their appraisals are customized to your property, they have access to more accurate information, their appraisals are accepted by lenders, and they provide a detailed report.
Posted in:
Zestimate vs Real Appraisal
and tagged:
zillow.com
Posted by Nick Hughes on April 19th, 2023 12:00 PM
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