A Slow Market Will Be the End for Some Real Estate Agents, but It Doesn’t Have to Be for You
As much as the frantic pace of a “hot” market creates a lot of headlines and excitement, they’re not actually the best of times for
4 Things Your Zestimate Won’t Know About Your Home’s Value (But Your Agent Will)
We’ve all opened up Zillow, typed in our address, and waited with bated breath for that magical Zestimate to appear. But while that Zestimate might give you a quick thrill (or chill), it only scratches the surface of your home’s actual value.
Algorithms are great for predicting the weather, finding the shortest route to work, or suggesting what movie to watch next. But when it comes to understanding the real, nuanced value of your home, that’s a job for a human—and a professional one at that.
So here’s a look at four crucial things your Zestimate just can’t take into account when pricing your home, but your local real estate agent can:
1) Neighborhood Nuances
Zestimates likely take your location into account to some degree, but they don’t know the nuances of your specific neighborhood, street, or exact location like a local agent does. Agents consider these finer details that truly influence a home’s appeal and factor them into their valuations.
2) Upgrades and Updates
Zestimates are based on general data, not specific upgrades, so don’t expect it to know that you just renovated your kitchen and include that in their valuation. But your agent will not only take all of the updates and renovations you’ve made into consideration, they’ll also take note of the small (but impressive!) details when pricing your home.
3) Local Market Trends
A savvy agent is tapped into current market trends. They’re constantly checking the pulse of local sales, shifting buyer preferences, and even seasonal changes that affect home values. Your Zestimate doesn’t reflect what’s trending in your neighborhood right now and how it impacts your home’s appeal.
4) Buyer Psychology
Home value isn’t just about square footage; it’s about how buyers feel. A Zestimate can’t assess what the current vibe is in your local market. Agents have their thumb on the pulse of the market, and have a better feel for how buyers will act and react to your home in the current market.
