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Lately, there’s been a huge rise in automatic home valuations. One of the most popular services is Zillow’s Zestimate. For both buyers and sellers, it’s important to know that a Zestimate is not an “exactimate.” A Zestimate is not as accurate as a market value. It’s based on a proprietary formula and while they are a useful guideline for your home’s value, they do not take the place of a market analysis. The market value is based on current conditions and what buyers and sellers are willing to pay.
It’s important to not get wrapped up in the Zestimate. Instead, you should get a CMA, or comparative market analysis. This will let you know what your home’s market value is, based on comparable sales in the area. Zillow even says right on their site that their Zestimate should not take the place of a CMA.
Their information is not 100% timely either. Not all of the listings on the site are actually for sale, a lot of times I get buyers to ask me for listings that are under contract, but the sellers have no intention of selling.
If you have any questions for us about this topic, or if you’d like to get a comprehensive CMA for your home, feel free to give us a call or send us an email. We look forward to speaking with you!
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