Sellers /On April 25, 2014

Are Automated Home Value Estimates (like "zestimates") Accurate?

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In short, the answer is “no.” Estimating an accurate range of market value for a property is actually a very time intensive process for an agent, and there is no way that software can apply a formula that will take into consideration all of the factors than an agent considers. how much is my home worth

Automated value estimates (like Zillow’s “zestimates”) are based on formulaic algorithms, such as percentage above or below assessed value based on recent comparable sales. The problem with that is that rarely do tax assessments tell the whole story of a property. Square footage is often wrong, and many times significant improvements to the property are missing from county or city data.

Additionally, there are many factors that affect value – such as a popular school district or neighborhood amenities. Depending on the target demographic for the property, certain features such as a first floor master bedroom can mean the difference of thousands of dollars to a seller. Putting a value on these attributes takes experience that only a seasoned agent can bring to the table.

At Liz Moore & Associates, we take a different approach to pricing. We don’t believe that “one size fits all” for a marketing plan, nor do we believe that a computer program can effectively recommend a market value.

We have reinvented the process by beginning with the end in mind, and have accordingly developed a pricing methodology that delivers better results for our clients. Our agents perform a rigorous 10 step analysis before they recommend a positioning strategy for a client. It’s time intensive, but worth it.

Are you thinking about putting your home on the market? Email us at concierge@lizmoore.com or click below to talk with an agent about our 10 Step Pricing Methodology.

Lynnette Tully

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Liz Moore & Associates is a boutique real estate agency renowned for having the region's top agents, with extensive market knowledge and local expertise that is only achieved through relentless training coupled with Liz's extremely high standards for professionalism. When you're buying or selling a home, experience matters.