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I am excited to talk to you today about a very well known and popular real estate website called Zillow. If you haven't heard about it already, Zillow is the most visited real estate site in the United States and it offers a vast array of real estate listings and even a free estimate, called a Zestimate. Many of my clients have mentioned what they believed their home was worth based on this zestimate. More often than not, the estimate is not very accurate at all.
Zillow is a great site for doing Merrimack Valley real estate research. It can show you what similar homes to yours in Merrimack Valley have been selling for, and it does have a wide variety of listings. However, when it comes to giving accurate estimates, they can't give you as accurate of an estimate as an experienced real estate professional in your market can give you. The information that appears on a zestimate is the result of analysis of the millions of pieces of information that are entered on their site. The problem with this is that their estimate is a combination of generalities that don't take into account your specific home, but base their figure on the average of what similar homes sell for in your area.
It is important for you to know that many zestimates can be up to 10% off your home's actual value. If you list your home based off this type of estimate, you are either going to be severely undervaluing your home, or you are going to overprice, neither outcome is good. We have encountered zestimates that have undervalued homes by up to $400,000. I happen to be a premier agent for Zillow who handles the Merrimack Valley listings for them. I don't want you to get an inaccurate listing, so whenever you need a real estimate and you want to find out how much money your zestimate could be costing you, please give me a call or send a quick e-mail. If you don't have accurate information, it can cost you great opportunities and a lot of cash.
