Home Price Appreciation Forecast Questions continue to come up about where home prices will head throughout the rest of this year, as well as where they may be going over the few years.
Pricing My Home To Sell And Zillow
Here is the real deal! If you want to see what you house is worth in todays market, call a real estate agent. I know it is tempting to look at Zillow and use that as a guide, but estimates can be off by a large amount. Zillow does not take into account, in their own words, "non-quantifiable" facts. What are non-quantifiable facts?
Non-quantifiable, defined as, not capable f being quantified.
What is Quantified? to give quantity to something regarded as having only quality.
So, non-quantifiable to me, in real estate, something that adds value to the property but cannot be identified by quantity or mathematically.
The way Zillow gives an estimate is through an automated valuation model. Automated valuation model (AVM) is the name given to a service that can provide real estate property valuations using mathematical modeling combined with a database. Most AVMs calculate a property's value at a specific point in time by analyzing values of comparable properties.
Here are a few Examples of items of non-quantifiable details in real estate:
irregular lot size
view from property
quality upgrades made to the house
condition of the home
proximity to busy roads
smoke smell in the home
unfinished space in the home
Zillow CEO, Spencer Rascoff, sold his house on February 29th for 40% less than his Zillow estimate! Zillow puts the Zestimate national median error rate at 7.9% of their sales price, while half are supposed to be off by more than 6.1%.
So, use your Zestimate as a starting point but be sure to call a professional like myself! I have been selling properties for over 13 years and my list price to sold price ratio is 98%.
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