But Zillows Zestimate Says My Charlotte Home Is This Much

But Zillows Zestimate Says My Charlotte Home Is This Much

This is something that is often heard a lot in real estate.      Zillow will tell you on their own website to get an appraiser or consult a real estate professional.      When was the last time that you trusted your local tax assesor to give you and accurate price on what your home is worth?   Chances are you aren't very trusting of that persons assessment of your homes value even though they reside in the same county as you.   Why would people trust a publicly traded company that only knows their home through satelite photos of the rooftop?


Unfortunately the average consumer isn't aware that by their own admission; Zillow is not always correct and has a margin of error. 


At the time of publishing, the latest zestimate accuracy data for York County SC shows that 83% of the time Zillows Zestimates are 20% off from the sales price of a home. 

Image title20% off from a $500,000 house is $50,000!    What could your family do with that 20% difference?    What would that money mean to you?


At the time of publishing, the latest Zestimate® accuracy data for Mecklenburg County NC shows that 88% of the time Zillow's Zestimates are 20% off from the sales price of a home.


Image title

This is still an alarming number and I wouldn't have wanted to the the seller that missed out on that 20%.   


How is a Comparative Market Analysis (CMA)  from a Realtor like myself much better than a Zestimate? 

As a Realtor it is my job to know the in's and out's about your property and neighborhood/community stats.     Zillow probably isn't going to know the five factors that influence your homes resale value.

Also as a real estate professional I will analyze the internal and external condition of your home, the uniqueness of it, note any updates you have done since purchasing the home.  Thus far, zillow doesn't have x-ray vision technology to see through the roof and walls of your home to see your unique furnishings.    Your home may be far different than your neighbors and yet may be similar in age.   


As an Agent, I will make allowable adjustments for many things including those listed below.


  • Differences in sq ft if greater than 100sq ft. 

  • Age of the home to comparable - If over 5 years of age

  • 2 Car Garage vs. 1 car garage vs carport

  • Deck vs. No Deck

  • Patio vs. No Patio

  • Hardwoods vs. New Carpet vs. Vinyl

  • Fresh Paint vs. None

  • Basement vs. None vs. Finished Basement

  • # of Bathrooms

  • Type of View 

  • Cul - de -Sac vs no cul-de-sac

  • Fireplace vs. None

  • Fenced Yard vs. None vs. Partially Fenced Yard

  • Age of HVAC

  • Age of Roof


 The idea of a CMA is to make adjustments to those properties that have SOLD near your home/area within the last six months.   We only make adjustments to the comparable properties; never the subject property/yours.  This analysis gives us a range in which your home should be listed at.     There is then a bit of art and science in utilizing some of the updates or improvements that you may have done since purchasing.   Unfortunately we can't really make an adjustment for the fact that you decided to install granite counter tops in your kitchen while the neighbor chose not to.  Do the granite counter tops show value?   Yes, of course, but it is an allowable adjustment?  No, not in Charlotte.   By working with a real estate agent  they are able to often see the MLS photos of the home that had sold recently.    They will be able to study these unique differences in relation to your home to narrow down the best 'sweet spot' that your home should sell for within that range mentioned above.


Please trust our local Carolina Multiple Listing Services (CMLS) and your real estate professional to provide you with accurate housing market info and trends.


If you want to know what the Charlotte housing market says about your homes value, you can try my Lonstimate  and since I live in our area and pull from the MLS it may just be better than that Zestimate!  I will be happy to follow up with you and hear about what makes your home so unique and all about it's special qualities.  Then provide you with a personal, professional, tailor-made CMA.  


Inventory in Charlotte is very low!   Contact me today and I'll work hard to get you top dollar!  

Lonnie Hand

980-253-3861

eXp Realty LLC











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Author:
Phone: 980-253-3861
Dated: June 13th 2016
Views: 1,043
About Lonnie: I have a strong focus on customer service. I am Association of Staging Professionals® designated Re...

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