Let’s talk about the accuracy of automated home valuations — like Zestimate, Frontdoor or other websites
Hey, there. I'm Ruthie Gallardo-Owens, Ruthie the Realtor, and today I wanted to talk to you guys about how accurate are automated home valuations — like the Zestimate or many other websites. I even have that feature on my website, where you can put in your address and it gives you an automated property value.
How Accurate Are Online Automated Home Estimations?
Let's talk about how accurate those really are. They are not accurate. Here’s why:
Based not on local but national data
A lot of those companies, just like Zillow or even the software that I use, often they use national data, which is not always the best whenever we have such a quickly moving market like we have here in Oklahoma right now, because then we get a whole bunch of inaccuracies. That's the first issue; that it's not always hyper-local data, as you would really need.
Doesn’t include finer details
The second reason why it's not accurate is because it's not really taking anything into consideration other than the location and some of the comps, right? It's not taking into consideration the condition of your home.
Sometimes if your neighborhood is full of remodeled homes that have been sold here lately, Zillow might give you an inflated value. However, if you haven't updated your home, then it's not going to be true, right? Sometimes it's opposite. If a bunch of non-remodeled homes have sold, then it's not going to give you an accurate value if you have done some improvements to your home.
It’s not real time
The last thing is going to be that there's nothing like having an agent pull that data immediately in real time, because again, if I pull automated data today, it's going to only include things that closed as a public record the last month or so. If I pull it myself, if a local agent pulls it themselves, it's going to include data up to today because we are working in real time.
Conclusion
If you do have any questions about your home value, or if you just want to find out, just remember, those are great for just casually trying to keep up with your property value, but they are not accurate if you're actually wanting to sell. To do that, please contact me or any other local agent that can give you accurate information. To learn more about us, go to www.oklahomarealestateexperts.com, or to watch the video, go to https://youtu.be/rbbYW15PnIE .
As always, have a great day! I'm Ruthie the Realtor!
