For our friends at Zillow, here's an explanation of this blog's purpose.
It isn't intended to slam your excellent service in any way. Simply, its purpose is to answer a very good question recently posed to us by a some San Antonio home buyers.
Their question is this. How accurate is Zillow's Zestimate® home valuation program for San Antonio homes?
The answer is easy - Zillow's accuracy is very low.
How do we know? Zillow says so; in fact, on the Zillow.com website, it acknowledges its Zestimates® are not very accurate for almost all Texas homes.
So, why can't we rely on Zillow's Zestimates® for Texas homes?
Here's why.
Zillow uses a secret formula to calculate a home's estimated value. The formula relies on complete and accurate data from counties and cities. Although the formula is secret, it's not hard to guess that recent sales price data for homes sold in the area is a vital component of the calculation.
Now, in most states, getting that information is no problem because it's legally required to file a home's sales price as a matter of public record. But, Texas is one of the few states in the Nation where that's not required. So, when Zillow's Zestimate® program looks for the publicly recorded home sales price data for Texas cities, it comes up empty handed.
What's the result of missing that vital data when calculating a Zestimate® for a Texas residential property. Usually, the outcome is an unreastically low Zestimate valuation.
So, if you want to know what a home is worth in Texas, there are two alternatives. The best choice is to hire an appraisal by a licensed real estate appraiser. The second best choice is to ask a local Realtor® who has access to the most recent homes sales data from the local Multiple Listing Service (MLS).
If you are looking to sell or buy a San Antonio home, we'll be glad to provide our best home value opinion. Contact us if you need one.
We’re Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.
It isn't intended to slam your excellent service in any way. Simply, its purpose is to answer a very good question recently posed to us by a some San Antonio home buyers.
Their question is this. How accurate is Zillow's Zestimate® home valuation program for San Antonio homes?
The answer is easy - Zillow's accuracy is very low.
How do we know? Zillow says so; in fact, on the Zillow.com website, it acknowledges its Zestimates® are not very accurate for almost all Texas homes.
So, why can't we rely on Zillow's Zestimates® for Texas homes?
Here's why.
Zillow uses a secret formula to calculate a home's estimated value. The formula relies on complete and accurate data from counties and cities. Although the formula is secret, it's not hard to guess that recent sales price data for homes sold in the area is a vital component of the calculation.
Now, in most states, getting that information is no problem because it's legally required to file a home's sales price as a matter of public record. But, Texas is one of the few states in the Nation where that's not required. So, when Zillow's Zestimate® program looks for the publicly recorded home sales price data for Texas cities, it comes up empty handed.
What's the result of missing that vital data when calculating a Zestimate® for a Texas residential property. Usually, the outcome is an unreastically low Zestimate valuation.
So, if you want to know what a home is worth in Texas, there are two alternatives. The best choice is to hire an appraisal by a licensed real estate appraiser. The second best choice is to ask a local Realtor® who has access to the most recent homes sales data from the local Multiple Listing Service (MLS).
If you are looking to sell or buy a San Antonio home, we'll be glad to provide our best home value opinion. Contact us if you need one.
We’re Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.
No comments:
Post a Comment