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If you plan on selling your home, you're likely wondering how much your home is worth. With more people than ever turning to the Internet to find their home's estimate, we want to warn you about the pitfalls of using websites like Zillow.
When I discuss home values with clients of mine, they usually quote the price that Zillow told them. The question is, how accurate is Zillow? Can you trust it? To find out, I found some stats on the Zillow website. I found that in Los Angeles, Zillow's estimate is only accurate within 5% only 37.9% of the time; the other 63% of the time, the valuation you get is only within 10% of the true market value.
I know that 10% doesn't sound like a lot, but you need to put it in context. If you have a $500,000 home and Zillow gives you an estimate that's off by 10%, you could underprice or overprice your home by $50,000! Is the convenience of Zillow worth $50,000 in equity? Probably not.
The goal here isn't to badmouth Zillow, but to make sure you're an informed seller! Really, your safest bet is to work with a real estate professional. We can find the true market value of your home and price it strategically to get it maximum exposure!
If you have any questions about this topic, or if you would like real estate assistance of any kind, give me a call or shoot me an email. I would love to hear from you!
