If you are contemplating selling your Jersey Shore home you may have turned to the internet first to see what comparable homes are listed for. You may have even stumbled upon Zillow’s Zestimate tool that provides values for homes. While Zillow is a great website, don’t be fooled by their notoriously inaccurate Zillow Zestimate.
In today’s real estate market nearly 90% of homebuyers are beginning their home search online. Knowledgeable and empowered is how every homebuyer should be, but buyer beware; some information may not be current and accurate.
While Zillow’s Zestimate tool aims to be accurate, it is a tool that just can’t seem to get it right. Zillow CEO, Spencer Racoff, recently commented that the median error rate of its Zestimate tool was 8%; however the median error rate was as high as 42% in some areas of the nation, such as in Somerset County, MD.
The Zestimate tool cannot take into account any upgrades you may have done throughout the home since you purchased it, nor can it take into consideration if upkeep of your home was done. This tool makes for a great starting point when it comes to buying or selling your Jersey Shore home, but the help of an experienced Realtor familiar with the area is essential in helping you price your home to sell, or to protect you from overpaying for your dream home.
If you are curious to know what your Jersey Shore’s home true value is, contact us today for a free home valuation. The Ferzoco Group are experts in real estate from Ocean City to Cape May. If you are looking to buy a new home or sell your existing home, we’d love to hear how we can help you reach your real estate goals. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.