{"id":1502,"date":"2020-02-19T16:08:20","date_gmt":"2020-02-19T21:08:20","guid":{"rendered":"https:\/\/jeffprobstgroup.com\/?p=1502"},"modified":"2020-02-19T16:08:20","modified_gmt":"2020-02-19T21:08:20","slug":"mythbuster-zillow-knows-what-my-home-is-worth","status":"publish","type":"post","link":"https:\/\/jeffprobstgroup.com\/mythbuster-zillow-knows-what-my-home-is-worth\/","title":{"rendered":"Mythbuster: Zillow knows what my home is worth!"},"content":{"rendered":"<p>It\u2019s time to take some myths and make them go Kaboom.<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83d\udca3<\/span><\/span><\/p>\n<p>MYTH: I know that my home is worth $X\u00a0<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83d\udcb0<\/span><\/span><span class=\"_5mfr\"><span class=\"_6qdm\">\ud83d\udcb0<\/span><\/span>\u00a0because Zillow says so, and they just, like\u2026get it, man.<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83e\udd37\u200d\u2642\ufe0f<\/span><\/span><span class=\"_5mfr\"><span class=\"_6qdm\">\ud83e\udd74<\/span><\/span><\/p>\n<p>TRUTH: Ah, the Zestimate. The longest 4 letter word in a realtor\u2019s vocabulary. The reality is that Zillow doesn\u2019t, in fact, actually really get it (or you) at all, man. Zillow\u2019s admitted margin of error on Zestimates is somewhere between one and ten percent, depending on a bunch of variables.\u00a0<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83d\ude33<\/span><\/span>\u00a0Do the math on 1-10% and y<span class=\"text_exposed_show\">ou\u2019ll quickly realize that $20k on your $200k house\u00a0<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83c\udfe0<\/span><\/span>\u00a0isn\u2019t exactly all that close, and that\u2019s just the STANDARD margin of error. It gets worse. The former CEO, someone who you\u2019d certainly think would be invested in the accuracy of his product, famously had one of his own properties sell for\u00a0<span class=\"_5mfr\"><span class=\"_6qdm\">\u203c\ufe0f<\/span><\/span>40% below its Zestimate<span class=\"_5mfr\"><span class=\"_6qdm\">\u203c\ufe0f<\/span><\/span>a few years ago.<\/span><\/p>\n<div class=\"text_exposed_show\">\n<p>In reality, Zillow only knows your house as well as their computers can do math. In order to come up with wildly inaccurate Zestimates for so many properties across the country, they use aggregated data and algorithms to extrapolate value across areas.<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83d\udcca<\/span><\/span>\u00a0That means that bad data, recent improvements (or deferred maintenance) to your house, or any number of other factors that can\u2019t be quantified by an algorithm can skew the Zestimate results.<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83d\udcc8<\/span><\/span><\/p>\n<p>Still don\u2019t believe me? Well, try remodeling your kitchen tomorrow and see if your Zestimate changes.<span class=\"_5mfr\"><span class=\"_6qdm\">\ud83e\udd37\u200d\u2642\ufe0f<\/span><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s time to take some myths and make them go Kaboom.\ud83d\udca3 MYTH: I know that my home is worth $X\u00a0\ud83d\udcb0\ud83d\udcb0\u00a0because Zillow says so, and they just, like\u2026get it, man.\ud83e\udd37\u200d\u2642\ufe0f\ud83e\udd74 TRUTH: Ah, the Zestimate. The longest 4 letter word in a realtor\u2019s vocabulary. The reality is that Zillow doesn\u2019t, in fact, actually really get it (or [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1505,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/posts\/1502"}],"collection":[{"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/comments?post=1502"}],"version-history":[{"count":1,"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/posts\/1502\/revisions"}],"predecessor-version":[{"id":1504,"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/posts\/1502\/revisions\/1504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/media\/1505"}],"wp:attachment":[{"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/media?parent=1502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/categories?post=1502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffprobstgroup.com\/wp-json\/wp\/v2\/tags?post=1502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}