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A Zestimate is Zillow’s algorithm for determining home values. Since Zillow gets its information from public and user data to figure out home value, how accurate are those Zestimates? What happens if your Zestimate is too low or too high?
Zillow does not do actual home value appraisals, and yet they give themselves 4/4 stars for accuracy in the Portland area. If you look closer, you will see that Zillow data reports that only 43% of the time, the Zestimate is within 5% of the home’s real value. In Portland, the average sale price is $400,000. That means your Zestimate is probably $20,000 too high or too low, and 57% of the time, the Zestimate will be more than $20,000 off!
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The real value of your home is set by buyers in the marketplace.
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So what’s the bottom line for you? Don’t get too upset if your Zestimate is much lower than you thought, and don’t get excited if it’s higher than you expected. The real value of your home is set by what buyers are paying in the marketplace.
To find the true value of your home, you need to see what buyers are paying for similar homes on the market. A real estate professional can help you figure that out. If you have any questions about your home’s value, just give us a call or send us an email. We would be happy to help you!
