The Zillow Fallacy

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Did you know there are people who have a Zillow addiction? Checking the Zestimate price of their homes daily? Not familiar with Zillow? Zillow is a site that purports to give you an accurate value of your home. I guess I should pack it in and take my knowledge of the market and go home.

Not so fast. According to Forbes Magazine (April 7, 2008), Zillow has recently revamped it’s algorithm. Some metro areas fell 9%. Wow. I have lost deals over a 1 to 2% price gap between buyer and seller.

If you want a true market value of your home, have a realtor come in, see your place and provide you with a comprehensive market analysis.

I can’t help but wonder what these estimates mean in a vacuum. One of the first questions a realtor is going to ask is when do you need to move. Imagine being 5% over market price. You could sit until the cows come home… Haven’t seen too many cows around Hoboken lately.

Hoboken Condos 2008
501 9th St Past 12 Months
Active: 1
Sold: 8
Information deemed reliable but not guaranteed

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