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Can you trust Zillow to give you an accurate home evaluation? The answer is YO: yes and no. It all depends on your neighborhood.
Typically, Zillow estimates are off by 5% to 15%. However, if you're in a cookie cutter neighborhood, where multiple homes have the same builder and similar floor plans, then it's pretty easy for Zillow to estimate. It may not be completely accurate, but it will be closer than an estimate for a home in a custom neighborhood.
Other neighborhoods can be more difficult. Zillow uses an algorithm, so if you're in a custom neighborhood like La Jolla, Zillow has no way of knowing all the features of your home. If your neighborhood has different builders, custom homes, and different amenities, Zillow is going to be way off.
For instance, in La Jolla, the way the home is positioned can significantly throw Zillow off. Some houses in La Jolla are angled for spectacular ocean views, boosting their home value over other homes in the neighborhood.
Ultimately, there are certain things Zillow cannot know. No one from Zillow goes into your home to check all the upgrades or renovations you have made. I recently went into a listing appointment where Zillow really underestimated the home value. The seller had made many upgrades and add-ons that increased the home value dramatically.
Although Zillow is a good place to start, the best way to know your home value is to have a real estate agent come out to your property and run a Comparative Market Analysis. The CMA takes recently sold homes in your area and the unique features of your property into account, giving you an accurate value.
If you have any questions, give me a call or send me an email. I would be happy to help you!
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