Should I Sell My Home to Zillow?

So I've seen this question come up quite a bit recently, now that Zillow has started buying people's homes. Is selling your house to zillow a good idea? How does selling your house to Zillow work? To answer that question, I'm going to tell a quick story.

I was working with a client a few months back. This is during a market, which is heavily favoring the sellers, as we all know, it has been that way for several months now.

We were looking to buy a second home for him, an investment property and as we're going to make offers and discussing the price, he's saying things like, "Well, the Zestimate says..." So say that the house is listed for $450k and he says the Zestimate is $420 or $430k, and he wants to get some money off their price.

I'm saying to him, "The Zestimate is just not accurate. And in this market, most homes are getting several offers, so we should probably be more in this range". He agrees to something like $455k instead of the $450k it's listed for. And then there are like 37 other offers and he loses. Somebody bid a little bit higher than the $455.

We do this a few times and then before placing one offer, we're discussing the appraisal contingency and how likely the house is to appraise for less than that. So he says, I recently got an appraisal to have my house refinanced, and that was $720k, and the Zestimate for my house is like $650. So the appraisals are off, they're too high.

And I said, "No, no, the appraisal's not high. That's why the bank uses it to value your home. Because it's, it's accurate. This Zestimate is just wrong". It always has been, it's always been low and quite significantly, in some cases, as you can see in that true example, that's $70,000 less for this Zestimate. Of course this time he believes me because it's about a house he owns, and not one he's trying to buy.

Now what Zillow is doing is offering to buy your home for this Zestimate. Now, you know, people love Zillow. They've been looking at it and following it for years. There's a lot of good features to it. However, the Zestimate has always been... inaccurate. So if you're conditioned to think your house was, I don't know, $610, and then went up to $620, right? That's a great bonus. What you may not realize is that if you did, a comparative comparison analysis, it might be at 650 or 700, just totally different than that Zestimate number.

I have a great solution for you. If you reach out, I will do a CMA for you for free. Here is a link below where you can go ahead and reach out to get that done:

🏠 CMA 👇

https://myre.io/09CkyIuCr0Ql

I will be able to analyze what homes like yours are actually selling for, now, in your area, and tell you what I would list your home for, and what it'll most likely sell for on the market.

I also have an instant offer program available. So if you decide you want to sell it quickly and not go with listing it on the market, I can still provide offers for you, these will be lower than selling on the market. But I'll get you more than one offer, they'll be competing offers and they won't be based off of Zillow's estimate, which has just always been wrong.

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