My Zestimate is too Low! Why You Might be Wrong...

Written by Posted On Friday, 26 February 2016 08:11

My Zestimate is too low, my Zestimate is keeping my house from selling, my Zestimate doesn’t show my house the right way….it’s always something with the “Zestimate”. One thing it usually isn’t is “my Zestimate is too high”. Does it matter? Of course not, the market is the only true indicator of value. That said, the data shows that in and around Atlanta, Zillow is generally accurate with a 3 out of 4 star rating. Data shows that 37.8% of homes sell within 5% of their zestimate. Not bad for a completely computer generated value.

The break down by the six metro counties is interesting, oddly the county with the lowest scores is Dekalb. The break down:

Cherokee – 4 stars with 43.4% within 5% of sale price
Cobb – 4 stars with 42% within 5% of sale price
Dekalb – 2 stars with 28% within 5% of sale price
Forsyth – 4 stars with 47.8% within 5% of sale price
Fulton – 3 stars with 37.5% within 5% of sale price
Gwinnett – 4 stars with 43.6% within 5% of sale price

So of the six counties that are generally considered to comprise the Atlanta metro area, four have the highest Zillow ratings. These numbers are actually among the top quartile for the nation, not bad. But yet and still, Zestimates remain scorned and ridiculed by most. The obvious reason is that this is so personal; this is YOUR house!

Read My Zestimate is too Low and see more of how a "Zestimate" is prepared and the parameters within which they operate. Above all remember, only the market (buyers) determine value. A home is worth what a buyer is willing to pay at a certain point in time; it is a fluid number impacted by a myriad of variables. A Zestimate has NO bearing on that...good or bad.


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Hank Miller, SRA

Hank Miller is an Associate Broker & Certified Appraiser in the north metro Atlanta area. Since 1989, real estate has been his full time profession. Hank´s clients benefit from his appraisal and sales experience; they act upon data, not baseless opinions. He is an outspoken critic of the lax standards in the agent community.

Hank remains an active certified appraiser and completes specialty work for FNMA, lenders and attorneys. He is a well-known blogger and continues to guest write for multiple industry publications as well as national outlets like the WSJ, NYT, RE Magazine, USA Today and others. He is a regular on public Q&A sites on Zillow, Trulia and many others.

Hank consistently ranks in the top 1% of all agents in the metro Atlanta area. He runs the Hank Miller Team and is known as much for his ability as he is for his opinions. He is especially outspoken about the lack of professional standards and expectations in the real estate industry.

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