Online home valuations can give you an idea of what your home’s worth, but you shouldn’t price your home based on their calculations.
When selling their home, most people nowadays do their own online research on websites like Zillow so they can get an estimated value of what their home is worth.
That’s a dangerous thing to do, however, and I have some numbers to show you why. Below is a list of homes we’ve sold in different areas this year and how wide the difference was between their Zillow Zestimates and their actual sold price:
A Clifton property was sold for $610,000, while its Zestimate was $611,000—a $1,000 difference.
A Lake Ridge property sold for $330,000, while its Zestimate was $386,000—a $56,000 difference.
A Manassas home sold for $485,000, while its Zestimate was $564,000—an $80,000 difference.
An Alexandria home sold for $735,000, while its Zestimate was $780,000—a $45,000 difference.
A Woodbridge home sold for $360,000, while its Zestimate was $435,000—a $75,000 difference. Why is Zillow a dangerous place to calculate your home’s value? Let me put it this way—has Zillow ever actually been into your house? Have you ever gone to Zillow and informed them about any of your home’s updates?
Of course not. Zillow’s Zestimate is based on an algorithm that gives sellers unrealistic expectations of what their home is worth.
If you’re thinking about selling a home, give us a call so we can give it a thorough, accurate valuation and you don’t leave money on the table once it’s sold.
If you have any other questions about our market or determining your home’s value, don’t hesitate to reach out to us. We love to help you.