Zestimate & Market Evaluation: Why We Recommend Calling a REALTOR

In a world full of amazing technology, we're accustomed to being able to jump online and find out pretty much anything we need to know at any given time. But when it comes to selling your Colorado Springs home, there really is something to be said for the old fashioned way of doing things. Having an experienced broker on your side can help in more ways than you might think.

Many people go to the internet first when they're considering listing their home for sale. They want to see how much their home is worth and whether it's a good time to list. So, they check out their home's value using tools such as the Zillow Zestimate calculator. But, what is a Zestimate and how accurate is it?

What is a Zestimate?
The Zestimate® home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is calculated from public and user-submitted data, taking into account special features, location, and market conditions.

What Data is Used in Zestimate Calculations?
The amount of data Zillow has for the house affects the Zestimate accuracy. If your home facts are incorrect or missing, it may reflect incorrectly on the Zestimate value. Price history and tax history can be a big factor in your Zestimate, depending on the area in which you live in. Most upgrade information is not in the public records, and is not easily quantifiable. So, unless they have been reported to the local tax assessor, those items are not used in Zestimate calculations. Region boundaries usually do not affect the Zestimate. However, if the home icon is in the wrong spot, it could place the home within a region that isn't accurate. For some properties, this could affect value accuracy.

Why We Recommend a Market Evaluation
The Zestimate is nothing more than a mathematical algorithm. This algorithm simply calculates using public and user-submitted data and it spits out a dollar amount that may or may not be even remotely close to your home's actual value. Nobody has walked through the home to determine it's special qualities and features. It doesn't factor in additions, garages, etc, that can really be the difference of $2,000 missed or $200,000 missed! If you want a more accurate valuation of your home, we recommend you have a qualified experienced broker come through and do a detailed market evaluation.

Let Us Do a Market Evaluation of Your Home!
While internet and technology is great and convenient, it's not always the best solution when it comes to valuing your home. Sometimes, the old fashioned way of reaching out to a REALTOR and requesting a valuation of your home is simply the best way to go. We do a walk-through of your home and property, taking into consideration all the details, additions, and special features that a Zestimate can not. We're also very familiar with the local area, residences, and region and know how different factors affect the market and value of a home. Trusting the MacGuire Team to do a market evaluation on your home will allow you to get accurate numbers that you can work with!

Mike MacGuire
Colorado Springs Real Estate Agent
The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919

719-536-4324 or 719-660-6793


Humaun Kabir said…
Thanks for the great post on your blog, it really gives me an insight on this topic.

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