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Zillow Zestimates | How accurate is Zillow Zestimate | Waco Market - YouTube
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are these two the same or are they
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different
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most people will say they're different
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you can't compare an apple to an orange
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but they both have seeds on the inside
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they both grow on trees they're both
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classified as fruits
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but they look different on the outside
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to me they taste different
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so are they the same or are they
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different well what about these two
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forks
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they're the same they can be used to eat
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your food cut your food
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mix food
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but they're different colors and oh
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they're not the same size but are they
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the same
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or are they different they'll both
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complete the same task
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but you tell me are they the same or are
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they different
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much can be said about the value of your
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home as well
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many people turn to the internet when
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they want to find the value of their
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home where they're thinking about
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selling their home
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and they look up something called a
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zestimate which is a service provided by
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zillow that i'm going to speak about
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today so that we can decide
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if things are the same or are they
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different
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starting now
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[Music]
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hi i'm anthony the home guy waco each
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week i put together a video
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pertaining to waco in the real estate
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market
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today i want to speak about zestimates
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and how they may be accurate they may be
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not
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and what you can do to get a more
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accurate reading
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on the value of your home let's face it
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in today's market we're in a hurry we
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want information as soon as we ask the
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question
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and the easiest way to find the value of
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our home is to log on to a website
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zillow.com they will give you a
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zestimate
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of what they feel like your home is
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worth in your neighborhood
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by taking information from the mls
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basically finding out what homes have
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sold for in your local area
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determining how many bedrooms how many
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bathrooms
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in that local market that use distance
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as well as part of their algorithm
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to try to determine how much your home
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is worth
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and as you saw in the intro i had some
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items
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that look the same were the same shape
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would perform the same task however
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they had differences so today
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i want to talk about how those
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differences come into play
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and how you can get a more accurate
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reading
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zestimates have been found to be
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accurate within five percent of the sale
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price of homes in the neighborhoods
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only 62 percent of the time meaning 38
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percent of the time
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their number is off by more than 5
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percent
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well what does that mean well let's just
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say
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zestimate says your home's worth two
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hundred thousand dollars
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it could actually be worth as much as
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215
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or or as little as 180
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or less so why is that important to me
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well as a real estate agent a lot of
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times
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we will get a call say hey i want to
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sell my house and it's worth 250
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000 well where did you get that
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information
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well i got it from his estimate okay
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when i come out to
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sit down with you to talk about the sale
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of your home i'm going to bring
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something with me called a cma
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the cma is a report that
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realtors can put together that
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tweaks some of the differences
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of your home versus the neighborhood
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and makes adjustments to the prices
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tries to make the homes more comparable
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so we can take those apples and apples
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and turn them into more like those forks
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to where they are
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basically the color is different one
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might be just a little larger
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but they both perform the same function
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well anthony is your cma the best thing
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i can use to determine what my home's
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worth
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or to get a loan no
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banks use what's called an appraisal by
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someone who's been to school even longer
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than a realtor that knows the market
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that knows
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all the different aspects and will give
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you
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an exact number and the value that a
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bank would use
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to loan you money so it is considered
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the most
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comprehensive value of your home is to
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get an appraisal
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so how does zillow come up with a value
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for my home
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well zillow uses like i said earlier the
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mls
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it takes information about what might
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have sold within the area
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or within the neighborhood they also
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look at tax records
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and let me ask you a question how many
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of you believe
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that the assessor's office has the right
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value of your
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property i'll bet if i did a survey
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of most of the people here in mclennan
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county i'm going to get a pretty good
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argument
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that they're either a little high and
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nobody's going to tell me
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that they're low however let's take into
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account
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you may own an older home i owed an
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older home
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they don't take into account the
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assessor's office doesn't take into
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account
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any improvements i might have done to
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the interior or the exterior of the home
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so my property value according to the
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tax records is probably low
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don't tell them i'm not going to give
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you my address so that they can
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jack up my rate however zillow is
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pulling in
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accurate information by using the tax
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rolls
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that is how their determining number can
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be off one way or the other
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by performing a cma or a competitive
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market analysis
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a realtor takes into account all of the
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differences
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between two three four properties
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within your neighborhood that is
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hopefully sold within the last six
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months
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so that they can get the truest reading
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sometimes they'll go out as long as a
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year depending upon where you live
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out to as far as maybe three four miles
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if you live in a rural community
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however if you live here in waco or in a
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city most of the time
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they try to stay within a half a mile
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quarter mile within your neighborhood
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as well as three six months anything
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that's as close as they can get as
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possible
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we then take the information that's
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gathered
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compare the size of the homes compare
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the age of the homes try to stay within
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10 years
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compare things such as does it have the
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how many bathrooms
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does it have a garage is it enclosed is
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it
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open patio does it have a swimming pool
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does it have a fence
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does it not have a fence all of this is
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taken into consideration
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and the numbers are adjusted square
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footage
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let's say my three bedroom is sixteen
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hundred square feet
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your three bedroom is two thousand
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square feet that sold last month
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an adjustment would be made for that
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extra 4
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000 square feet to try to get a more
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accurate number
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to compare the two houses with
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bathrooms the same way mine has one and
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a half yours has
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two an adjustment would be made for that
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half bathroom to
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so that we can make this apple and this
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orange look a little bit more like those
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forks
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when you receive your cma it's going to
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contain
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not only how all those adjustments were
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made
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but it's going to contain the
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calculations the averages
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and how all of that information was used
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to arrive at a number
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that is a more accurate consideration
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of the value of your home again
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what's the best way to get the most
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accurate number for the value of your
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home
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you could use either a cma from a
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realtor or an appraisal from a licensed
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appraiser
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realtor is probably going to come out
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sit down with you look at the home
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give you a number you order an appraisal
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it can cost upwards of five hundred
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dollars
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to get the information i hope this
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information today was helpful
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on how to determine the value of your
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home if you like this content please
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consider hitting the subscribe button
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and the like button or leave a comment
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to let me know
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what content that you may want to hear
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about in the future
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you
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