Each month I get an email from Zillow.com regarding their estimated value of my home located in the Wild Horse subdivision in Hereford, Arizona. For the last couple of months the Zestimate ™ has increased several percentage points.
Is that a good thing? Well it’s certainly better than decreasing and generally it makes me happy. But the increase seems to fly in the face of all the current news about real estate prices. Zillow calculates their estimate of value of a very small sampling of prices. It is not the same as a Competitive Market Analysis (CMA) that a Realtor(r) (such as myself or my agent) would do when valuing a property.
Don’t be mislead by the Zestimate, however it is one tool to give you an idea of the value of your home. If you would like more information about Zillow, home values or how a CMA is done, contact our office.
– posted by Bob Karp, Designated Broker – Karp Properties LLC