The bane of everyone involved in the real estate industry, be it as a real estate agent, a property manager, or a real estate investor buying holdings is Zillow and their horribly inaccurate Zestimates.
Inexperienced property owners often give credit to the website, that has no actual foundation to base values against. Zillow hasn’t step foot in your house, they haven’t stepped foot in your neighbor’s house, nor have they walked down your street.
Why does Zillow offer this tool? So they can collect you as a lead to sell. Zillow sells you to agents. If you use an Zestimate, there’s a chance you are thinking of selling your property. Agents pay Zillow for your contact information hoping they can get your listing. You want a thousand calls from desperate agents? Click that Zestimate button!
Typical Zillow valuations on property are off, not by thousands; but by tens of thousands. Even of thousands. In fact, I’m sure there are Zestimates off by millions.
In short, a Zestimate is a useless tool and offers no actual usable information.