What’s your Home Worth? Zillow is a “waste of time”
The March 2010 issue of Money Magazine claims that Zillow.com’s “Zestimates” are a “Waste of Time”
“Don’t think that Zillow.com tells you what your house is really worth. The “Zestimates” on this popular real estate site are based heavily on sales prices of comparable homes. So unless there’s been lots of activity in your ‘hood lately-unlikely these days-the value may not be very accurate. Instead call an appraiser to size up your property in person”
I have also found that Zillow does not seem to take into account the distance to the beach or bay when determining it’s zestimates. In the real world every block closer to the beach a property is can equal hundreds of thousands of dollars of price difference.
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