Good News! Zillow has improved their Zillow Zestimates error estimates to just 4.4% in the Los Angeles County area, according to their own research. Here’s the rub: 4.4% is still a ton of dough. They take great pains to remind people, who promptly FORGET: These are NOT appraisals.
Take the median price of $600,000 for a home in Valencia. A Zestimate means they believe a home will sell for a price ranging from $573,600 to $626,400. That is a $52,800 window.
4.4% in this instance means a swing of $26,400 in EITHER DIRECTION. High or low.
I have yet to meet a seller who is willing to leave over $50,000 on the table because some computer pinheads devised an algorithm for real estate pricing without ever stepping foot into the city in question.
Intangibles such as the neighborhood’s age, looks, schools, pools, parks, upgrades and unreported additions to a home all remain a question mark. The Zestimate still doesn’t know if the home has lime green tiles in the bathroom, or a cracked foundation, or a purple garage conversion in honor of Prince. The only people who can get close, are those who put their feet on the ground INSIDE and around the home. Period. End of story.
By the way, we’re happy to do just that. Call us: (818) 261-8306. We would be honored to have a chance to list your home for the right price.