"Zillow May Be Telling Buyers Your Home Is Worth Less Than Its Fair Market Value." This can stop any home sale cold in its tracks. Dear Frustrated Home Seller, The Zestimate: A good idea in theory that, in the opinion of many homeowners around the nation, has been a key reason their homes aren’t selling. They feel that Zillow has been lowballing their home's value. Zillow, an online real estate database, features on its site the “Zestimate,” a price that the site determines a home is actually worth. It calculates the price based on typical estimating factors, such a size, number of bedrooms, recent additions, neighborhoods and the value of similar homes in the area. The problem is, in many cases, the Zestimate is not even close to the fair market value. In fact, sometimes it is off by a hundred thousand dollars or more. Sometimes, much more. A story in Fortune magazine noted that only 65 percent of Zillow’s Zestimates could be considered “accurate”. Accurate was defined to be within 10 percent of a home's selling price. Critics panned the Zestimate, with some calling it detrimental to home buyers and sellers alike. “Wildly inconsistent,” noted an executive vice president of a real estate company to the Washington Post. In Zillow's defense, they do state the following on their website: “The Zestimate is a starting point and does not consider all the market intricacies that can determine the actual price a house will sell for.” But, that doesn't stop buyers from relying on it when determining a home's value, and - more importantly - how much they are willing to pay for it. A buyer may fall in love with your home, and think that your asking prices is a fair price to pay. Then, they could change their mind based off of Zillow's inaccurate Zestimate. How unreliable have the Zestimates been? 1|Page
Look at these sales and decide for yourself: Home Sold for: $440,000. Zestimate: $404,000 8.2% Discrepancy.
Home Sold for: $210,000. Zestimate: $198,000 5.7% Discrepancy.
Home Sold for: $111,000. Zestimate: $98,753 11.0% Discrepancy.
Home Sold for: $824,000. Zestimate: $742,000 10.0% Discrepancy.
The real estate community has coined the term “Unzillowables,” referring to attributes such as the condition of a home, the landscaping, views and privacy. Going local is paramount in determining what a home is really worth. Finding a real estate agent with hands-on area experience can mean the difference between receiving the rightful value for your home and getting undersold. Let my experience be an asset. I have sold many homes, big and small, urban and rural, in this area. Simply put, my experience and connections give me an advantage over the competition. Would you like my assistance in selling your home and overcoming any potential Zestimate Problems? Please give me a call at (xxx) xxx-xxxx. Or, send me an email at
[email protected]. I look forward to hearing from you. Best Regards, Your Name Your Real Estate Company Phone: (xxx) xxx-xxxx Email:
[email protected] P.S. A New Home Selling Strategy Has Been Developed That Causes Homes to Sell for More Money... And Sell It Faster... I put together a completely free report that explains how this strategy works. Here are a few of the things I reveal in this report: The simple trick that causes “tough as nails” negotiators to forget about negotiating and gladly pay full price. (I didn’t think this could happen until I witnessed it happen myself.) The one picture that will make or break whether or not your house sells for top dollar. (It doesn’t matter if you only have 100 pictures in your ad, or just 1. This picture matters more than all the other pictures.) 2|Page
How to sell your home for more than it’s technically worth. (Appraisers hate this one.) The one thing you say in the description that will determine whether or not your house sells for top dollar. (If you miss this one thing, then you will be forced to settle for less than you deserve.)
Not intended to solicit any properties already listed for sale with another real estate agent. If your home is already for sale, then please disregard this message.
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