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Why Zillow Zestimates Cant Keep Up With The Wild Real Estate Market
Dated: May 4 2021
Why Zillow "Zestimates" Can't Keep Up With The Wild Real Estate Market?
Since when did anyone have any confidence in Zillow's "Zestimate" anyway?
I have absolutely zero confidence in any of their numbers. What I'm seeing in our real estate market is that the "Zestimate" almost exactly matches whatever price is set for a new listing. The "Zestimate" could be $400K the day before the property is listed but the second it goes on the market, it matches the $475K list price. In my mind, it has no credibility. As a Listing Agent, however, I love it because it almost immediately justifies whatever price we put on a listing.
I tell my buyers to ignore the "Zestimate" and to trust my comparative market analysis to help them determine the probable sales price of a property. When doing a CMA (Comparative Market Analysis), it is critical to use both contingent and pending properties to help determine how quickly the market is moving. The challenge is accurately predicting the contract price before they close because the contract prices are extremely inflated due to the lack of housing inventory.
Have your home needs changed? Contact me today to discuss your situation and receive a complimentary Market Analysis of the price of your home.
ABR, CRS, E-Pro, RSPS, SFR, SRES Jim is a “Jersey boy” originally from north Jersey in the Totowa, Little Falls area. He made the move to Stafford about 32 years ago, after finding the perfect....
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