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Zillow is a giant in the real estate industry. They aggregate tons and tons of data, and a lot of it is actually quite useful to the average consumer, but you need to take some of it with a grain of salt.
One thing in particular that you need to watch out for is the Zestimate, which is Zillow's valuation of your home. How accurate is that value that Zillow places on your home?
On average, these Zestimates are off by 5-15%. A 15% difference on a $300,000 home is a matter of $45,000! It has also been stated that nearly every home value on the website is off by at least 5% or more. This is a huge margin of error.
These estimates work well with communities that have similar homes, but with mixed communities like we have here in Cedar Valley, it's hard for Zillow's algorithms to place accurate values on homes. Some homes may sit next to a highway and they'll be valued the same as a home next to a cornfield with a great view.
I don't recommend anyone to use the Zillow Zestimate as a true market value. Always talk to a Realtor when you're pricing a home or putting an offer on a home.
If you truly want to know the value of your Cedar Valley home, please don't hesitate to contact me. I would be very happy to assist you!
