We’ve all done it before… a quick search of our home address on Zillow to see how much equity we’ve gained via the “Zestimate”.
I believe that the user-friendly platform of Zillow is great for aspiring homeowners to get a feel for the market they’re in, but what about current homeowners? Your Zestimate may make your eyes light up in joy or it could have you questioning why it’s so much lower than your neighbors. This tool creates a value solely off of an algorithm, not actual sold data.
Here’s a crazy stat for you; the Zestimate for the state of Idaho, Zillow is only within 5% of the real sales price 41.7% of the time?
Why is this? Well, the state of Idaho is a non-disclosure state meaning the sales price of real property is not recorded and made available through the public record. As a licensed REALTOR® I have access to the final sold prices of homes near you, which allows me to offer you a free comparable market analysis on your home to truly see how much equity you have.
Home values across the nation have been booming, and that’s no different for the Treasure Valley, see the Latest market snapshot below: