Zillow’s ‘Zestimate’ Tool in Hot Water – A Better Alternative
Zillow, the extremely popular real estate listing site, has been in hot water recently over their ‘Zestimate’ tool that promises consumers an accurate estimate for housing prices and rent. The issue was brought to light by Barbara Anderson who is a real estate lawyer in Glenview, IL. who has filed a suit over a “tremendous road block” to one of her listings. The ‘Zestimate’ tool, according to Anderson, was over $100,000 off in its estimate of her townhome’s value.
Anderson is arguing that because Zillow is essentially doing appraisals, they would need to be licensed in order to do so legally. She also argues that ZIllow should need homeowners consent before promoting the tool as an accurate measurement of the home’s worth. Zillow promises that the tool is always in a 5% radius of the home’s worth, at most. But realty agents and appraisers estimate that the tool can be off 20-30% and is only off by 5%, 53.9% of the time.
Luckily for consumers, there are more accurate and more reliable market analysis options.
A Better Alternative
If you’re interested in knowing how much your house is worth then look no further. I offer professional Comparative Market Analysis (CMA) based on the information that you give me as well as my expertise in local real estate. Give me 24 hours or less and you’ll receive a researched and analyzed estimate of your home’s worth. Interested? Click here to fill out a short form that will help me get started.
About Gerardo Zavala
Gerardo Zavala is a full-time REALTOR® at Realty of Chicago, a full-service real estate agency founded by Eduardo “Eddie” Garcia in 2005. Both Gerardo and the agency specialize in marketing residential, commercial, and investment properties through its vibrant social media and video channels. The company’s motto “#LoveWhatYouDo” is an empowerment to everyone that is living their dream just as ROC agents do.