Zillow......Should You or Shouldn't You Trust Their Numbers?

Quite often buyers and sellers will tell me they looked on Zillow and were either disappointed or ecstatic about what they'd found.  Trouble is, Zillow does not take ANY factors into consideration, simply tax records.  So they don't know that Mr. Smith lives in a home that should be condemned because it's long over due for a home makeover.  Or that Mr. Jones has just spent $50k to remodel his kitchen.

Last year a good friend called me up very excited about wanting to sell his home.  He proceeded to tell me he'd been on Zillow and it said his house was worth $380k.  Even before doing a CMA for him I said I think his house is more likely worth $350k.  We did a CMA and sure enough, it came in at $350k for his neighborhood.  He was totally deflated about selling his home and didn't understand why it came in less.  The reason.....there were much newer, larger homes that had just sold just down the street from his home.

The Seattle Times did a news story and released the following table about Zillow values:

My advice to buyers and sellers........take Zillow with a grain of salt.  Use the site as a place to gauge the approximate value of your home.  There are many factors that go into determining the fair market value of your home which is why it's important to contact a Real Estate Professional to provide you with accurate information.

Sandy Noll
Realtor, eAgent
Keller Williams Realty
425-890-0878
sandranoll@kw.com
http://www.letsachieveyourgoals.com
Woodinville, Kirkland, Bothell