For people interested in home real estate or possibly selling their home, an Oklahoma realtor has just released a video discussing the accuracy of online home value estimators like Opendoor and Zillow’s Zestimate.
In the video “How Accurate Are Online Home Value Estimate Providers Like Zestimate and Opendoor?“, posted on YouTube, founder of Oklahoma-based Oklahoma Real Estate Experts Ruthie Gallardo-Owens said while these online estimates are good for general knowledge, they do not provide accurate enough information for individuals seriously considering entering the market and selling their homes.
In the video, while saying her own website features a tool that provides such home value estimates, it’s really best to talk to a realtor to get the most local, up-to-date information that considers finer details.
“A lot of those companies, just like Zillow or even the software that I use, often they use national data, which is not always the best whenever we have such a quickly moving market like we have here in Oklahoma right now, because then we get a whole bunch of inaccuracies,” she said. “It’s not always hyper-local data, as you would really need.”
Plus, Gallardo-Owens points out how such estimates do not include such information as home condition or the number of homes remodeled within a home’s respective neighborhood.
“Sometimes if your neighborhood is full of remodeled homes that have been sold here lately, Zillow might give you an inflated value. However, if you haven’t updated your home, then it’s not going to be true, right?” she said. “Sometimes it’s opposite. If a bunch of non-remodeled homes have sold, then it’s not going to give you an accurate value if you have done some improvements to your home.”
Finally, she remarks on how automated online home valuation estimators often pull from outdated data.
“If I pull automated data today, it’s going to only include things that closed as a public record the last month or so. If I pull it myself, if a local agent pulls it themselves, it’s going to include data up to today because we are working in real time.”
Summing up, Gallardo-Owens encourages those wanting real and accurate home estimates to speak with a real estate agent.
“If you do have any questions about your home value, or if you just want to find out, just remember, those (online estimates) are great for just casually trying to keep up with your property value, but they are not accurate if you’re actually wanting to sell. To do that, please contact me or any other local agent that can give you accurate information.”
This new video review can be viewed at this link: https://youtu.be/rbbYW15PnIE.
To learn more about Ruthie Gallardo-Owens or Oklahoma Real Estate Experts, go to www.oklahomarealestateexperts.com.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Fortune Outlook journalist was involved in the writing and production of this article.