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Is My Zillow Estimate Correct?

Posted by on Jan 13, 2015 in Uncategorized | No Comments

You are curious about how much your home is worth….Not wanting to be harassed by a pushy Realtor, you go online and use sites like Zillow.com, plug in your address…wait a few seconds and your “Zestimate,” pops up within seconds.

The problem with these sites in they only take into account data, they don’t take into account things that affect value like supply and demand, upgrades and condition of the property, details that are specific to a neighborhood (direction yard is facing, how close to a school or business etc.)

Estimates from these sites are anywhere from 5% to 150% off.

Here is a great example:  I looked up a clients home at 1737 Valley Park in Hermosa Beach.  It’s a great house in a very desirable neighborhood in the valley.  When I plug the address into Zillow here is what the site says the value is:

1737 Valley Park Ave,
Hermosa Beach, CA 90254
4 beds 3 baths 2,626 sqft

OFF MARKET
Zestimate®: $3,981,490
Update my Zestimate
Rent Zestimate®: $9,418/mo
EST. REFI PAYMENT
$14,447/mo
See current rates on Zillow

This 2626 square foot single family home has 4 bedrooms and 3.0 bathrooms. It is located at 1737 Valley Park Ave Hermosa Beach, California.

Almost $4 million dollars!  Wow…anyone would be excited about that.     Smartzip has it at 1.5M and Eappriasal has it at 1.6…Big differences and based on random numbers…NONE of them are correct.

While we saw some properties change hands in the valley a few months ago that were extremely high priced for what they were, sales have cooled off a bit.

This property is great on a very desirable huge lot, it’s been updated on the interior but has a unique floor plan that may not appeal to all buyers.  It also has a tandem 2 car garage rather than a standard side by side…

So, you ask, “what is the property worth?”  If it were to go on market today, it’s real value is $1,800,000.   Over 100% lower than the Zestimate and 15 and 20% higher than the other sites offering value.

The only real way to know what your property is worth is to have a knowledgable Realtor who is familiar with the market, come and see the interior and give you a value with reasoning behind the number.

If you would like to know the real value (and that means what a buyer would pay in today’s market,) please give me a call 310-989-4466 or email: Rebecca@VistaSIR.com . There is no obligation and of course, no charge!