Zillow’s Zestimate: What Went Wrong?  🏠

What is Zestimate?

Zillow’s Zestimate is a familiar name for many homeowners. It estimates a home’s worth based on various data. But is it always right?

Zestimate vs. Appraisal: What’s the Difference? 🤔

First, let’s clear this up. A Zestimate gives an instant estimate, using algorithms and public data. On the other hand, an appraisal involves a licensed professional inspecting a property firsthand. Appraisals are more detailed and, often, more accurate.

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Why Did Zillow Shut Down Their iBuyer Division? 🛑

Zillow’s iBuyer venture relied heavily on Guesstimate 🤪 Unfortunately, there were cases where Zestimates were off, leading to losses. Because of this, Zillow had to shut down the iBuyer division.

When Zestimate Got It Wrong  😯

Although Zestimates can be close, they’re not foolproof. Missing renovations, recent market shifts, or unique home features can skew the numbers. These inaccuracies led Zillow into some financial tight spots.

Related: What happens when the Appraisal comes in LOW?

Why Does Accuracy Matter?

Imagine selling your home, only to find the online estimate was too high or too low. It could mean missed opportunities or financial loss.

So, Can You Trust Zestimate?

It’s a tool, and like any tool, it’s not perfect. While their Zestimation can give a good starting point, it shouldn’t replace professional advice.

Looking for More Home Valuation Info?

If you’re keen to know more about your home’s worth, talk or text at 916-570-6979 📱. Or drop an email at hello@newwaymortgage.com. For a face-to-face chat, set up an appointment at www.meetnewway.com. And don’t forget our YouTube channel! Get tips and tricks by subscribing at www.newwayhome.com 🎥.

The Power of Information

Knowledge is power, and knowing the difference between Zestimate and a proper appraisal is key. Stay informed, and always seek expert guidance when making big decisions about your property.