Should You Trust Zillow as a Seller?

Millions of people search Google and Zillow every day to find prices for their homes, but the only problem is that a lot of these online home valuations aren’t accurate.

If we go on Zillow's website, this is how they explain it: The Zestimate is created by an automatic software process designed by statisticians, and there is no ability for humans to manually alter the Zestimate for a specific property.

Zillow is only accurate 38% of the time.

It's been estimated that Zillow's home estimates are only right 38% of the time. That means that they are wrong 62% of the time! That is a terrible success rate.

Remember, Zillow can't take features or upgrades on your property and compare them to other recently closed homes in your area, even though doing so gives you a more updated value on your property. Zillow doesn't walk through your home or your neighborhood, and that's where my team can come in and place an accurate value on your home. As markets shift, Zillow's numbers become even less reliable.

Ultimately, if you want the most accurate price for your home, make an appointment with a real estate professional. We will go over your home and the local market data in order to give you the most accurate home value.

If you have any questions, or if you're interested in a home valuation, give us a call or send us an email. We look forward to hearing from you!

What’s Happening with Real Estate in MD, VA, and DC?

Today I’ll be providing you with a brief real estate market update for Virginia, Maryland, and Washington DC. A lot of people have been asking me whether we are in a seller’s market, a buyer’s market, or somewhere in between.

The answer to this question depends on where you live and what kind of home you’re looking for. Usually, the luxury markets will cater to buyers, and the lower price brackets will favor sellers more often. Overall, Virginia is in a seller’s market with only 5 months of inventory.

Sellers should list quickly to sell for top dollar.

What makes this market unique is that while it is a seller’s market, it’s still a great time for home buyers to make a purchase. Interest rates are at 3.5% right now, so buyers have the opportunity to save thousands of dollars over the lifetime of their loan.

Sellers will see a lot of activity if they list their home right now. Just in the last few days, we have had homes with multiple offers on them. However, inventory levels are accumulating, so if you want to sell your home for top dollar, I would suggest putting it on the market quickly. You will have much less competition if you list now, compared to the spring and summer when there is a frenzy of activity.