Is the Zillow Zestimate Accurate?
What Is a Zestimate and How Is It Calculated?
Zillow uses the Zestimate to give you a quick snapshot of what your home may be worth. And to their credit, they have always used a disclaimer in order to reach an initial value. Zestimate takes into account information from three main categories:
– Known Home Characteristics
– On-Market Data
– Off-Market Data
How Zillow Offers Is Changing the Zestimate
Zillow made waves by joining the iBuyer game nationally. The basic idea is when large companies offer to buy your home online, hassle-free. iBuyer options offer convenience at a cost, and Zillow Offers is no different. The primary goal of buying homes online for these companies is not to get you the best price! In fact, they will prioritize buying your home at a lower price point so they can turn around and sell it for profit.
How Does the Zestimate Cash Offer Work, and What Will It Cost You?
The first thing that will happen once you get the ball rolling is Zillow will send someone to “appraise” your home. The Zestimate is not an appraisal; itʼs a guess – and itʼs not in Zillowʼs interest to guess too high. Likely after the appraisal, the Zestimate cash offer will go down. Then there comes the inspection period. If the inspection finds any issues with the home (and they almost always do, even if itʼs something minor), watch that cash offer drop in price again. And this is before we even get to the fees. Zillow charges a 6% commission fee and can total up to a whopping maximum of 13.9%!
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