What's Happening to Zillow? 😱🏡❌
Watch the video to find out more about how the market has affected iBuyers!
What is a “Zestimate?” This is Zillow’s “guestimate” of what they believe your home should sell for. However, that estimate doesn’t compare homes apples to apples ?, and often is incorrect. Here are some further details regarding the Zillow Offers program and other iBuyers:
-The Zestimate will compare homes that have considerable difference (1 story vs 2 story, and pool vs no pool) ?? when those items can drastically impact the value of a home.
-Algorithm’s aren’t experts like The Bridge Group. They can’t perform a proper comparative market analysis (CMA) of a home, and weed out homes that aren’t “like homes.” ?
-Zillow Offers was purchasing properties at their “Zestimate,” and now that department is going out of business due to inaccurate data. ?They have lost over $500 million doing so.
-93% of the properties Zillow Offers purchases in Phoenix, 81% in Dallas, and so on, are now being sold for less than what they purchased the home for. ?
Always make sure you use a local market expert, such as The Bridge Group, who has an accurate pulse on your true market. ?
Contact us today for a real estate buying or selling consultation. [email protected] | 281-785-1456 ?
