For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come.
Zestimate responsible for a great deal of confusion.
Dated: July 5 2019
The Perception Versus the Reality of Zestimates
Zestimates became popular because outside of an appraisal or comparative market analysis generated by an experienced Realtor, it can be really hard to judge whether your home is gaining or losing value. After all, no one wants to bet on a losing horse, even if they live inside that horse and it shelters them from the elements and a place to make memories (must be a Trojan horse).
Unfortunately, the Zestimate has been responsible for a great deal of confusion since Zillow started using the original algorithm in 2006.
Even though the algorithm has been upgraded several times since its inception, it’s not perfect. Unfortunately, people deeply enveloped in the stressful process that is in buying a house, sometimes become ultra-focused on the numbers that Zestimates provide, treating them more as an absolute than a flexible guide.
Inside Secret: Zestimates work best in areas of high turnover, in neighborhoods with fairly similar homes. Because a Zestimate relies on public data like tax assessments and homeowner corrections of the basics, including the number of bathrooms and bedrooms, it can make a fine starting point for the potential home buyer or seller.
Since you don’t buy and sell real estate constantly, having an overview of the neighborhood’s stats is helpful when you do–but you have to allow for wiggle room. Just because a listed house on Maple Drive has a Zestimate of $203,000 and it’s almost identical to your house next door, it doesn’t mean you won’t get more (or less) when you go to sell.
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