Zillow is not by most investors and real estate professionals regarded as the best or even a very good reference for accurate real estate values or prices. Zillow’s algorithm method is only as good as the number of like sales in a defined area. They rely on the accuracy of input by people after a sale is made. Its site is used primarily to market and attract buyers and sellers. Take note how many ads and solicitations you get when requesting further information on specific listings. While our agency feels that Zillow is an awesome marketing platform we feel that when determining property values Zestimates are purely a crude estimate and should not be treated as “gospel”. We do feel that Zillow has a great marketing platform and should be used as a resource for that purpose. We do not believe they should be in the appraisal business.
Put it to you in most simple way if you have a unique property or a specialty market you want to rely on professional that knows the dynamics and values of the neighborhood. In the car business there is a reason why people specialize in Ford, GM, or other brands of vehicles so that they can service those vehicles and protect the consumer because they know their product inside and out. Cars also have a unique distinction when determining value that many are replicated over and over. How many 2023 Red Ford F-150’s exist. Better yet how many are sold in a year in the state you live in. Hopefully you are getting the point. While determining value is important leave it to the people in the industry there is not a Kelly Blue Book or NADA value for a home or property. No two pieces of land that are identical even if the home and floor plan are. That is why we believe you want to find a professional that truly knows the “ins” and “outs” of what you are buying or selling in the real estate field.