Zillow Zestimates: How Accurate Are They?

Zillow Zestimates: How Accurate Are They?

In the world of real estate, there’s one topic that consistently ignites a spirited debate among buyers, sellers, and industry professionals alike — the accuracy of Zillow’s Zestimate. Is it trustworthy? Can it be relied upon to determine the true value of your home? Today, we’re going to delve into an unbiased analysis of Zillow’s infamous Zestimate, revealing whether it’s a tool you should be utilizing or not.

Our goal is to take a non biased look at Zillow’s Zestimate and identify if you can use it to accurately estimate your homes value.

Let’s unravel the mystery together, shall we?

Today, we’re going to embark on a two-part journey of discovery. First, we’ll unravel what the Zestimate truly is, and then, we’ll shed some light on the facts often hidden in plain sight. By the end, you’ll have insights you’ve probably never come across before. In this article, we’ll cover:

 

Homes For Sale in Charlotte, NC:

1. What is a Zestimate?

In simple terms, a Zestimate is Zillow’s estimated market value for a home. Zillow uses a sophisticated algorithm that considers a wide range of information to provide this estimate. The Zestimate is not an appraisal, but it can offer a starting point for understanding a home’s value.

“Find what moves you”
Contact us today

2. How is a Zestimate Calculated?

Zillow’s Zestimate algorithm uses a proprietary formula, which considers many data points. These can include physical attributes, such as square footage, number of bedrooms, and bathrooms, as well as location-specific elements such as proximity to amenities, neighborhood trends, and local market conditions. It also takes into account historical and current transaction data, like recent sales of similar homes in the same area.

However, it’s important to note that Zestimates don’t account for everything. They don’t consider certain elements, like recent renovations or unique features and interior finishes, as this kind of information might not be available in public records or reported to Zillow.

Obviously, the best way to get an accurate evaluation of your home’s value is to hire an appraiser or chat with an expert real estate agent in your area!

 

3. Zestimate’s Accuracy

Zillow has been transparent about the accuracy of their Zestimates, stating that it has a median error rate of roughly 2-3% for on-market homes. This means that half of the Zestimates are within 2-3% of the selling price, and half are off by more. The accuracy can vary depending on the location and the availability of data in a particular area. To judge Zillow Zestimate’s accuracy levels, there are two different categories of Active, or On-Market listings, and Off-Market listings.

The Active Listings Accuracy section are the homes that are currently listed online. Zillow breaks down the accuracy down by state, but it can be narrowed down to your specific city. Researching Charlotte’s data for homes that were listed online and sold, 78.6% of the time the Zestimate was within 5% of the sales price. 93.8% of the time the Zestimate was within 10% of the sales price.  According to that data, the values are pretty accurate between the Zestimate and the current list price of a home.

Comparing the Off-Market sales data, only 41.44% of the homes sold were within 5% of the Zestimate price. That’s 78% for active listings versus 41% off-market, which is a big difference!  Zillow is much less accurate when it comes to off-market homes than when it comes to active listings. 

Researching homes currently listed for sale in the Charlotte, NC market the Zestimate changes whenever the home is officially listed for sale.  For example, a home is currently on the market listed at $689,000 and the Zestimate is at $702,000, a difference of $13,000.  The Zillow Zestimate appears pretty accurate. When taking a closer look at the home value button on Zillow, it will take you down to a chart that shows a Zestimate chart over time. The Zestimate value shown on the example’s home right before it was listed was $509,000.  When the home was officially listed for sale, the value jumped up to $702,000!  Now, that’s a big difference!

Check out the video for several other examples of Zestimates before and after a home is listed in the active market and how they mimic the actual list price!

“Find what moves you”
Contact us today

4. How to Update Your Home’s Information on Zillow

The information that Zillow has on your home may be incorrect. There is a way you can update your information on Zillow to get an updated value on your home. Go to Zillow’s website and “Claim Ownership” of your address, verify ownership, and “Update Facts”.  Correcting the number of  bedrooms and bathrooms, square feet of your home, and other features will provide an updated Zestimate.  

Selling A House Shouldn’t be Stressful

There is a pro-active way to sell your home that gets results

5. The Role of Zestimates in Today’s Housing Market

In today’s digital-driven housing market, Zestimates play a significant role. They offer a quick, easy-to-access estimation of a home’s value. However, Zestimates are a starting point and not a definitive appraisal of a home’s value. They are a helpful tool but should be supplemented with professional appraisal, comprehensive market analysis, and expert real estate advice.

Zestimates are a valuable tool in today’s fast-paced, information-hungry real estate market. They provide homeowners and prospective buyers with an immediate, albeit rough, estimate of a property’s worth. But remember, while they are a good starting point, nothing beats the human touch and local market expertise that a professional realtor can provide.

6. What is Your Home’s true value?

If you’re curious on what your home’s TRUE value is? Want to know how much it could be worth on the market? Sign up for a free home evaluation today! Our expert team will provide you with an accurate and comprehensive report, giving you insight into the current market and helping you make informed decisions about your property. Sign up now and take the first step towards unlocking the TRUE potential of your home!

As your trusted realtor, I’m here to help you make the most of your assets and guide you on this rewarding journey. If you’re ready to explore the possibilities that your home’s equity offers, don’t hesitate to reach out.

Thank you for taking the time to read this article. I’m excited to assist you in unlocking the full potential of your home’s equity and creating a lasting legacy for your family.

Sign Up To Our News Letter Below

So you don’t miss any of the most up-to-date info

On the Greater Charlotte Area

* indicates required
Let’s Connect Today!

Phone:

704-631-3977

Email:

info@thefinigangroup.com

Visit Us:

3440 Toringdon Way, ste 205

Charlotte NC 28277

Featured Suburbs

Featured Neighborhoods

Selling your home in Charlotte NC? 5 Things you MUST do to Maximize Your Value

Selling your home in Charlotte NC? 5 Things you MUST do to Maximize Your Value

There are a variety of things that are out of your control when selling your home in Charlotte NC , including market conditions, location, price bracket etc…But there are a few things that are well within your control! These 5 tips can help put thousands of dollars back into your pocket!

In this post I want to explore the reasons around why its really worth spending time on your home before you leave it, both for you and for your potential buyers!

Of course, you want to maximize your profit when selling your Charlotte NC home. There are many things you can do to ensure that you get the most money possible for your home. In this article, you will learn about the top 5 things to focus on to ensure you can maximize your profit when selling your home here in Charlotte NC

Write the meta title under 60 characters and the meta description under 160 characters for the Selling and Buying a House at the Same Time: How You Can Make it Work Blog Post of The Finigan Gro

1. Curb Appeal

Curb appeal isn’t just about making your house more attractive; it’s about making it memorable and demanding positive attention. A home with high curb appeal can demand higher prices and take less time to sell. The outside is also what brings potential buyers inside.

The reality is that many homebuyers begin the buying process online and, of those, over half will drive by a home they saw online. That means that over half of your prospective home purchasers could make a decision on your house by what they can see from the street. Every part of your home’s exterior from the front entryway to the yard, driveway, sidewalk, walls, and windows can make an impression.

You probably won’t be able to update or polish every aspect of your home’s exterior, so what should you prioritize?

            •  Cut back tree’s and shrubs: Trees and shrubs should accent and enhance your house, not hide it. With a good eye, the right tools and a little time, basic shrub and tree trimming and pruning can yield impressive “curb appeal” results.
            •  Manicure your lawn: Keep your lawn freshly mowed, trimmed and edged. Give it special attention before weekend showings. If you don’t have the time or the inclination to do it yourself, consider hiring a reliable, professional yard service to keep your lawn show ready.
            •  Plant some color: Flowering plants are a quick, inexpensive and effective way to make your home look bright, fresh and inviting. Get advice as to which plants do best given the time of year and the amount of daily sunlight they will receive.
            •  Paint the house:Painting an entire house can be expensive, but may be justified if the current paint is in bad shape or the colors are simply dated. From a curb appeal standpoint, painting only the trim can give your home a fresh, clean, updated appearance for considerably less than the cost of painting the entire home. Color choice is key (whether painting the entire house or just the trim); a professional color consultant can help you select the color scheme that will likely appeal to the most buyers.
            • Clean the roof and gutters:Buyers notice roofs, and it goes beyond curb appeal. The roof is a major home maintenance and expense item. Tree branches on the roof, clogged, sagging, gutters and algae growth detract from the home’s appearance and give the impression of the roof (and the home itself) being neglected. Clean debris from the roof and gutters, have any moss or algae growth removed and reattach any loose gutters.
            • Freshen walkways and driveways: Pressure wash brick and concrete walkways, patios and drives. Put a fresh coat of sealant on black top driveways. 
            • Freshen walkways and driveways: Pressure wash brick and concrete walkways, patios and drives. Put a fresh coat of sealant on black top driveways. 
            • Address your mailbox: Your mailbox is one of the first things a buyer may notice. If the box is on a wood post, freshen the stain or paint the post a neutral color. If the mailbox itself has seen better days, replacing it is fairly easily and inexpensive.
            • Address your mailbox: Your mailbox is one of the first things a buyer may notice. If the box is on a wood post, freshen the stain or paint the post a neutral color. If the mailbox itself has seen better days, replacing it is fairly easily and inexpensive.
            • Your Front Door:Your front door is the first thing that buyers will see before walking into your home. You want to start with a good first impression. You want to make sure the front door’s paint isn’t peeling, or weathered. Major dings or dents are a no-no. Hardware like door handles should be in good condition, and weatherstripping should be intact, and most homeowners can fix those issues themselves.

2. Declutter & Staging Your Home

Before you can successfully show off your house to anyone (or even take listing photos) you need to ensure you have a home that people will want to live in: one that’s well organized and filled with ample storage space. To help, we’ve put together a list the most important places to de-clutter as you prepare to sell your home. And though we can’t promise it’ll shorten the length of time your home spends on the market, we can assure you it’ll make the staging process go a whole lot smoother.

There’s a common belief that rooms will feel larger if all the furniture is pushed against the walls, but that isn’t the case. Instead, furnish your space by floating furniture away from walls. Reposition sofas and chairs into cozy conversational groups, and place pieces so that the traffic flow in a room is obvious. Not only will this make the space more user-friendly, but it will open up the room and make it seem larger.

 

3. Have a Clean & Tidy Home

Most people expect you to clean the home before closing the deal. But also, a lovely and clean home can leave a favorable impression on every potential buyer. Remember that they will be poking around and looking through every inch of your home, searching for every detail.

While you could sell a house in poor condition and messy, it might be a bad financial decision. Unless you are selling your home “as is,” keeping it in top shape is important to raise the asking price.

4. Small Touch Up’s and Repairs

It is easy to miss a lot of the wear and tear that happens to your house over the years. But when you start thinking about selling, the state of your home becomes much clearer. You know that there are things that need to be fixed and cleaned up. However, you only have so much money and time to make repairs. So, what should you fix?

           1. Paint: Paint is one of the cheapest, easiest ways to update the look of your home before you list it. And you don’t need to be a professional painter to make this work for you, either. Watch a few videos online, pick your colors and go to town!

          2. Exterior: The exterior is the first thing buyers will see, so you want it to look good. Replace missing fence boards, add sod if the yard is looking the worse for wear, and clean up any junk that may have accumulated in the yard or on the outside of any storage sheds.

         3. Lighting: Lighting can make even the smallest home seem open and inviting. You want to maximize the perception of space, so you will want to take advantage of the many lighting options now available. You can learn more about lighting different spaces online and find a variety of affordable lighting options that will be far superior to the current overhead or stand lights in your house.

         4. Functionality: Go to your home and make sure everything works as it should – from the small things like doorknobs and locks to bigger stuff like your garage door.Everything doesn’t have to be new for a home to be desirable to buyers, but all the functional aspects of the home must be in good working order to fetch the best price. A few broken components are all it takes to start driving the price down, so get them fixed.

        5. Flooring: Bad flooring can quickly turn away home buyers because it’ll be one of the first things they notice when entering your house. Costs to replace flooring mainly depend on the material that you choose.

       6. Water Stains: You’ve learned to live with the results of a long-fixed plumbing snafu, but for buyers, a water stain suggests there could be a dozen pesky problems hidden beneath the surface. That’s why this is one of the things to do before putting your house on the market.

 

5. Depersonalize The Home

As hard as it sounds, you need to depersonalize the house to sell it. Try to see it through a stranger’s eyes and think zero clutter, warm wall palettes, soft textures, and small bursts of color—you’re aiming for neutral, but still charming!

Depersonalizing your home is overwhelming, we know. So, what are a few things to focus on when depersonalizing your home? 

            • Remove personal photos and family portraits
            • Start taking down those prized trophies, awards and framed certificate
            • Pack up your ‘collections’
            • Put away toys and sporting or exercise equipment. They are also considered personal items
            • De-personalize your bathrooms
            • Remove magnets from your fridge 

When you live in a home, especially for a long time, it’s easy to overlook the things that can make or break an offer. Selling your home is about taking an objective look from a buyer’s point of view. Remove yourself and your memories from the equation, and imagine that you are seeing your home for the first time.

“Find what moves you”
Contact us today

5 Best-Kept Strategies To Make The Most Money When Selling Your Home

5 Best-Kept Strategies To Make The Most Money When Selling Your Home

Savvy home buyers and sellers often have the same goal: to get the best price possible for and out of their biggest investment. For many sellers specifically, it means selling their home for top dollar and within their predetermined time frame. 

To achieve this, it’s necessary to implement the right strategies to make your listing stand out and stay ahead of the competition while spending as little extra time and money as possible. Here are five best-kept tricks of the trade to ensure you get the most out of your home sale:

1. Work with a local real estate agent.

The main thing to remember when listing your home for sale is that your time is money. So even if you’ve done it before (unless you’re an investor), you will likely benefit from the talent, expertise, and guidance you can get from a local real estate agent. They can steer you in the right direction to help you get the most money possible. And with the unpredictability of the current housing market, it’s even more critical to work with an expert so you can stay on top of things.
With a realtor by your side, it will be much easier to navigate the ins and outs of the selling process. They also have the know-how when it comes to staging, marketing, reviewing offers, handling negotiations, explaining the complicated terms in legal documents, and more. Before deciding to sell your home, make sure you connect with a local and experienced real estate agent.

2. Time your sale.

Timing is critical when selling your home to maximize your sale price. Generally speaking, spring is widely considered to be the best time to sell since many people want to move during the warmer months when the kids are out of school. However, seasonal trends vary by market so it’s important to do your research. You’d want to make sure that the conditions of the market where you’re selling (and subsequently buying) are working in your favor.

Likewise, there are other factors to consider as well to maximize your profit. For example, is the sale of your home going to conflict with other life events like relocating to a new job, retirement, or other family milestones? If that is the case, even if it’s already the peak selling season, you might want to consider before listing especially if there will be a negative financial impact. Other factors to consider are whether you have built enough equity in your home to offset buying, closing, and moving costs, as well as the current condition of your home, from which you can decide how much time and effort it will take to prepare it for sale.

3. Price your home right.

Think you can make more money on the sale by placing a higher price tag on your home? Here’s the thing: an overpriced listing deters many prospective buyers. And because of that, your home is more likely to sit on the market longer or be compelled to drop the price later, which could raise questions or skepticism about whether there’s something wrong with the property. On the other hand, price your home too low and you risk leaving money on the table.

This is why it’s crucial to set a fair but competitive price right from the start. And this can only be achieved by enlisting the help of a real estate professional. Your agent will perform a complete comparative market analysis (CMA), which will show you what similar properties in the area have sold for recently and for how much. This will give you an understanding of the price that’s appropriate for your neighborhood while also considering the current condition and value of your home. Setting a realistic initial asking price will attract more buyers that will help you sell quickly, maximizing your return.

4. Spruce up your home.

Many prospective buyers appreciate a clean and well-maintained home. Even with a limited budget, doing a thorough cleaning, as well as completing some minor repairs and upgrades before listing your house, can go a long way to helping it sell for more.
Don’t forget to do a deep clean on both your property’s interior and exterior to give it that much-needed refresh. A fresh coat of paint, preferably on neutral colors, can also give it an instant facelift. Fix minor issues like leaky faucets and cracked windows, or replace any loose hardware like cabinet pulls and doorknobs. Improve your home’s curb appeal by trimming the hedges and trees, pressure-washing the driveway, cleaning and repainting the mailbox, etc. Doing even just some of these budget-friendly projects depending on what your home needs can help make a good first impression when it’s time to list it for sale.

5. Negotiate the best offer.

If you’re on your own, you might be tempted to immediately grab the offer with the highest price thinking that it was already a good deal. But with an experienced real estate agent on your side, you’ll be guided on the ins and outs of the offer process and be advised on when to negotiate prices and terms. While the highest offer price seems good enough, it doesn’t mean it’s the best offer, especially if you’ve got multiple bidders on your property.

There are other things to evaluate in an offer aside from the asking price to make sure you get the best deal, such as contingencies—clauses or set of terms in the contract that allow the buyer to cancel the agreement if those terms aren’t met, target closing schedule, seller concessions, financing, etc. With the help of your agent, you can negotiate to limit the contingencies to what you feel comfortable with or choose only from offers that match your target closing date. Just remember to review those things carefully and understand that the most important figure is your net proceeds, which tells you how much you’ll walk away with from your home sale after paying your expenses.

How to Sell Your House in Charlotte, NC

How to Sell Your House in Charlotte, NC

Are you thinking about selling your house in Charlotte, NC? If so, you’re not alone. Every year, hundreds of people in Charlotte NC put their homes on the market. But with so many houses for sale, how can you make yours stand out from the crowd?

Here are a few tips to help you sell your house in Charlotte, NC :

Price it right. The most important factor in selling your house is pricing it correctly. If you price it too high, you’ll likely sit on the market for months without getting any offers. But if you price it too low, you’ll sell it quickly but miss out on potential profits. So how do you know what the right price is? Look at comparable homes in your neighborhood that have recently sold and price your home accordingly.

Stage it well. First impressions are everything when selling a house. You only get one chance to make a good first impression, so make sure your home is well-staged before putting it on the market. This means decluttering every room, deep cleaning from top to bottom, and making any necessary repairs or updates.

Marketing matters. Once your house is priced right and staged well, it’s time to start marketing it to potential buyers. The best way to do this is to list it on a reputable online listing site like Zillow or Redfin. But don’t stop there! Make sure to also promote your listing through social media and by word-of-mouth. The more people who know your house is for sale, the better your chances of finding a buyer quickly.

Selling a house in Charlotte, NC can be a challenge, but if you follow these tips, you’ll be well on your way to a successful sale. Price your home correctly, stage it well, and market it effectively and you’ll be sure to find a buyer in no time!

Follow me on Social Media
👋 Instagram 👉 https://www.instagram.com/joshfinigan/
👋 Facebook 👉 https://www.facebook.com/TheFiniganGroup/
🎥 WATCH NEXT
👉 Subscribe for more Videos: https://www.youtube.com/channel/UCytj…
👉 Search for Homes For sale in the Greater Charlotte Area at https://www.ChooseCharlotteHomes.com
🔻CONTACT INFO🔻
🏠 WANT TO TALK REAL ESTATE? Fill out this contact form here https://thefinigangroup.com/contact-us/
🏠 SEARCH FOR HOMES FOR SALE IN THE GREATER CHARLOTTE AREA AT t https://www.ChooseCharlotteHomes.com
🏠 FREE HOME VALUATION https://thefinigangroup.com/home-value/
✔️ CHECK ME OUT ON GOOGLE https://g.page/TheFiniganGroup?share
Josh Finigan
The Finigan Group
Realtor @ eXp Realty
📞C: 704-631-3977
📧Josh@thefinigangroup.com
🖥TheFiniganGroup.com

How to Sell a House

How to Sell a House

So, you’re ready to sell your house. Maybe you’ve outgrown it, or you’re moving for a job. Whatever the reason, selling your house can be a complicated and time-consuming process. But don’t worry, we’re here to help. In this blog post, we’ll give you some tips on how to sell your house quickly and for the best price possible.

1. Get your house in tip-top shape.
If you want to sell your house, you need to make sure it’s in the best possible condition. That means repairing any damage, giving it a fresh coat of paint, and decluttering every room. You want potential buyers to come in and see a house that they could see themselves living in.

2. Set the right price.
You might be attached to your home and think it’s worth more than it actually is. It’s important to be realistic when setting the price for your home. If you set the price too high, you might end up sitting on the market for months with no buyers. But if you set the price too low, you might not make as much money as you could have. The best way to find out how much your home is worth is to get a professional appraisal or work with a real estate agent who can help you set a competitive price based on comparable homes in your area.

3. Find the right real estate agent.
Selling a house is complicated, and there’s a lot of paperwork involved. You’re going to want to work with a professional who knows what they’re doing and can help guide you through the process. Ask around for recommendations or look for an experienced agent who has successfully sold homes like yours in the past.

4. Market your home effectively.
You might be tempted to just put a For Sale sign in your front yard and call it a day—but that’s not going to do much to attract buyers. You need to make sure potential buyers know your home is on the market and get them interested in seeing it. The best way to do that is by working with a real estate agent who will list your home on MLS (Multiple Listing Service) and promote it through their networks and marketing channels.

Selling your house doesn’t have to be stressful—just follow these tips and you’ll be on your way in no time! Just remember to repair any damage, declutter every room, set a competitive price, find a great real estate agent, and market your home effectively and you’ll have no trouble finding a buyer in no time!

Follow me on Social Media
👋 Instagram 👉 https://www.instagram.com/joshfinigan/
👋 Facebook 👉 https://www.facebook.com/TheFiniganGroup/
🎥 WATCH NEXT
👉 Subscribe for more Videos: https://www.youtube.com/channel/UCytj…
👉 Search for Homes For sale in the Greater Charlotte Area at https://www.ChooseCharlotteHomes.com
🔻CONTACT INFO🔻
🏠 WANT TO TALK REAL ESTATE? Fill out this contact form here https://thefinigangroup.com/contact-us/
🏠 SEARCH FOR HOMES FOR SALE IN THE GREATER CHARLOTTE AREA AT t https://www.ChooseCharlotteHomes.com
🏠 FREE HOME VALUATION https://thefinigangroup.com/home-value/
✔️ CHECK ME OUT ON GOOGLE https://g.page/TheFiniganGroup?share
Josh Finigan
The Finigan Group
Realtor @ eXp Realty
📞C: 704-631-3977
📧Josh@thefinigangroup.com
🖥TheFiniganGroup.com