How accurate are Zillow estimates for Ocala homes? The Zillow Zestimates tool is a popular choice for many home sellers just starting the selling process. But how accurate are the estimates they provide? Can you rely on Estimates in place of a realtor?
In this post, our real estate experts at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss the accuracy of Zillow estimates for homes in Florida. We’ll also cover whether it’s better to use Zestimates or hire a realtor.
Key Takeaways:
- Nationwide, Zillow reports an error rate of 2.4% for estimates of on-market homes and 7.49% for off-market homes.
- In Florida specifically, Zillow estimates have an error rate of 2.39%. The algorithm gets its data from 179,100 homes.
- Zillow can be a good tool to use if you’re still in the planning phase of your home sale. It can give you a rough estimate of your home’s value.
How Accurate Are Zillow Estimates for Homes in Florida?
Nationwide, Zillow reports an error rate of 2.4% for estimates of on-market homes and 7.49% for off-market homes. While Zillow’s estimates can be higher or lower than a home’s actual market value, they typically lean higher.
In Florida specifically, Zillow estimates have an error rate of 2.39%. The algorithm gets its data from 179,100 homes. 79.66% of homes had a sales price within 5% of their Zestimate, 93.58% of homes had a sales price within 10%, and 98.19% of homes had a sales price within 20%.
Zillow’s estimates are generated through an automated valuation model, which uses an algorithm to analyze publicly available and user-generated data on recent sales. However, relying on an algorithm has significant limitations, since it can’t consider unique property features or recent renovations that may affect a home’s value in different ways.
On top of that, Zillow’s algorithms struggle to keep up with housing market fluctuations, especially in areas with limited data availability. Since housing market trends can change as often as multiple times per week, this lack of data can lead to inaccurate valuations.
Zillow Estimates vs. Realtor – Which Should You Use?
You don’t have to avoid Zillow Zestimates entirely. Zillow can be a good tool to use if you’re still in the planning phase of your home sale. It can give you a rough estimate of your home’s value, which you can use to create a budget and prepare for the rest of your sale.
But once you’re ready to begin the selling process, it’s essential to contact a professional realtor for a more in-depth analysis of your home’s value. Working with a realtor offers several advantages over Zillow Zestimates:
- Access to Exclusive Information: Realtors have access to comprehensive databases with detailed information on recent sales and market dynamics. These databases are typically inaccessible to the public and online estimators.
- Personalized Understanding of Your Home: Realtors can come out to your home and view it in person. This hands-on approach allows them to give an accurate assessment of your property, consider its unique features, and get a better sense of its exact location.
- Consideration of Multiple Factors: Realtors consider both quantitative data and qualitative insights when determining a competitive listing price for your home. Market trends, buyer preferences, and other variables are all evaluated to make sure you get the best possible price for your home.
- In-Depth Knowledge: Realtors are deeply familiar with the local real estate market and stay on top of its evolving trends as part of their day-to-day jobs. They know which neighborhoods are popular with buyers, what the current pricing trends are like, and how to find off-market properties.
Scott Coldwell is the Best Ocala Realtor to Find Your Home Value
While Zillow Zestimates can be a helpful tool, it ultimately can’t replace the knowledge, experience, and guidance that a realtor provides. At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team can easily help you discover the market value of your home and help you prepare for a successful sale.
Our track record of success is proven through our data– on average, we sell homes 48% faster and for 2.4% more money than our competitors. Plus, with our seller guarantees such as our Guaranteed Sale Program, you can ensure a risk-free home-selling experience.
Contact us today at 352-290-3512, send a message to [javascript protected email address], or use the form on this page to learn more about working with our team. Selling your home doesn’t have to be stressful when you work with the best realtor in Ocala and all of North Central Florida!
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