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Why Third-Party Sites Like Realtor.com, Redfin & Zillow Aren’t Always Accurate
Many of my clients look to third-party real estate sites, like Realtor.com, Redfin, and Zillow, to get an estimated value of their home BEFORE they seriously contemplate buying or selling.
I do too!!!
But here’s where these estimates aren’t reliable (even in the age of AI):
Algorithm-Based Estimation
Values are generated using an automated algorithm that pulls data from public records, sales histories, and listing information. While these algorithms are sophisticated, they can’t fully account for the nuances that impact a home’s value, such as upgrades, recent renovations, or the overall condition of the property.
Lack of Local Market Insight
Third-party consumer data is BROAD and covers LARGE areas. It often doesn’t account for hyperlocal factors that influence home prices, like neighborhood desirability, school district ratings, traffic patterns, or proximity to amenities like parks or public transportation.
A good LOCAL realtor, in comparison, has in-depth knowledge of these factors (maybe has documented them on her social media feeds, too!) and can adjust pricing to reflect the true value buyers place in a specific neighborhood.
Inconsistent Data Quality
Third-party site estimates rely on publicly available data, which isn’t always accurate or up-to-date. These sites might not know if a home has had recent major upgrades or if a nearby home sold in a private transaction that didn’t go through the MLS. These inconsistencies can lead to inflated or deflated estimates.
Realtors, on the other hand, use the most current and reliable data from the MLS and personal knowledge of recent transactions to price homes more accurately.
Market Conditions
Third-party site estimates can lag behind real-time market conditions. They may not account for sudden changes in demand, interest rates, or economic shifts. A local realtor stays up-to-date with these trends and can quickly adapt the pricing strategy to reflect what's happening in the market at that moment.
Unique Home Features
Third-party site algorithms don’t fully capture the value of unique or custom features. For example, a stunning backyard oasis, high-end finishes, or a particularly favorable view might not be adequately reflected in the Zestimate.
A realtor, on the other hand, understands how much these features appeal to buyers and adjusts the price accordingly.
Sales Price vs. List Price
Third-party sites can sometimes conflate list prices with market value, particularly in areas where homes are priced strategically low to generate interest. A home listed below market value might sell much higher due to competition, but third-party site algorithms may take time to adjust to this reality.
Let’s Talk About Your Home
If you are interested in having a conversation with me about your home, please reach out! I will create your own Comparative Market Analysis (CMA) before my visit. And, I will likely update this CMA at least two more times before putting your home ACTIVE on the open market.
