Wednesday, July 29, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
If you're using Zillow to find out what your house is worth, you won't get a very accurate price. After all the years Zillow has been "Zestimating" home values, it still hasn't got it right. Who should know this better than Realtors, who value homes every day? A new survey from real estate software firm W+R Studios indicates that very few Realtors use Zillow's "Zestimates" in preparing a Comparative Market Analysis for home pricing.
W+R Studios sent the survey to its 298,520 Cloud CMA agent and broker subscribers, of which 3,325 completed the survey. Survey respondents were from 46 states nationwide. The survey, which has a margin of error plus or minus 2 percent found that nearly two-thirds (62.4 percent) of survey respondents said they “seldom” or “never” include Zestimates in their CMA reports.
An even higher share of respondents, 67.8 percent, said they consider Zestimates to be “slightly inaccurate” or “very inaccurate.”
Why does it take Zillow so long to show a property is under contract?
Very often, when I get a buyer calling me about a Zillow listing, it’s already under contract. What you see on Zillow is not always what’s available. Because we’re still in a hot seller’s market, homes are selling quickly. However, Zillow doesn’t want you to know that a home is under contract. Why? Because they make money from Realtors in the form of advertising and lead generation. If a house is under contract, a potential buyer won’t click on that property and won’t inquire about it (and won’t create any “leads” for a Realtor to pay for).
The two images above illustrate the source of my frustration. First is a screen capture of a property I sold weeks ago as it appears on Zillow today. Note that it says "For Sale."
The next image is a screen capture of the Multiple Listing page, which Zillow should be using for accurate up to date information, that I pulled up today (July 29, 2020). It clearly shows the home is sold, and shows the selling price.
If you want fast accurate information about your home's value, ask a Global Property Systems Local Area Specialist. All of our agents have received specialized training in property pricing and earned the Pricing Strategy Advisor designation. Any of us are qualified to perform a complete Comparative Market Analysis based on market facts and boots-on-the-ground knowledge to accurately guide you in selling your home.
CONTACT US for more information, for a FREE valuation of your home or to list your home for sale.