Zillow is a popular real estate website that uses public records to estimate the value of homes. However, in Utah they have a problem: Utah is a non-disclosure state. That means home owners are not required to disclose what they purchased their house for. That means Zillow doesn't know what your neighbor's homes sold for, or what you bought your home for. Making their estimates without public records makes Zillow very inaccurate in Utah.
So the question is do they estimate too high or too low. Because it still provides a starting point right? Unfortunately wrong. If their estimates were always high or always low it could still offer some value, but with no information to go on their estimates are all over the place.
For example here are two homes that recently sold.
First is a home in Daybreak.
According to Zillow the Zestimate is: $487,606
Is this Zill-high or Zill-low?
Just last month this home sold for $520,000!
True to their name their Zestimate was more than $30K too LOW.
Next we have a home in South Jordan.
According to Zillow the Zestimate is: $298,478
Is this Zill-high or Zill-low?
Just a few months ago this home sold for $280,000
Looks like this Zestimate is almost $20,000 too HIGH!
Accurately evaluating the value of your home takes accurate data and local knowledge. That is why we have neighborhood specialists. Not only do they have the latest market information, but they specialize in the unique trends of your neighborhood.
So don't rely on Zillow to evaluate your home. Contact the Network of Neighborhood experts to find out what your home is REALLY worth.
Utah Dave - Daybreak Neighboorhood Expert and Local Resident