Location is the key factor in how Zillow determines a Zestimate. Changing a Zestimate requires editing your home facts. Often a cul-de-sac or a large plot goes undervalued because of the school district, zip code, or city the property is located in. Understand that a Zestimate is a changing estimate of a home’s value.
Farms in the Philadelphia suburbs are a rarity. This makes Zillow’s Zestimate a challenging thing to do. Every home owner should value their property according to their own wishes. You can make a lot of money when selling your house.
The algorithm that Zillow uses to determine a houses Zestimate doesn’t always narrow down a specific properties exact location. Zestimates rather perceive a home’s value according to Zillow’s proven algorithm.
So, how accurate is a Zestimate?
Nationally, the Zestimate has a median error rate of 7.9% according to Zillow.com. If a home was for sale for $500,000 the Zestimate range would be $539,500 – $460,500. If a home was for sale for $100,000 the Zestimate range would be $107,900 – $92,100. A Zestimate could value a property at $921,000 and the house could be worth 1 million dollars.
Talk to a real estate agent or an appraiser to get another estimate for a houses value. Zestimate’s aren’t always accurate.
Source: Realty Times | Nathaniel Wenger 04132016