I have many, many problems with Zillow. It starts with their business model of taking agent's properties that they work hard to list, and making them pay them back to advertise it with Zillow. It also includes misleading buyers regarding who is the listing agent and who you are actually calling when you see those three or four agents on the right hand side of a listing. (By the way, my team and I have 15 reviews and a stellar 5-star rating, so don't take this as a knock on Zillow because we don't look good on the site - we DO, check us out here!)
"Zestimates" is that catchy phrase Zillow created to show you the "value" of a home. And it's my number one reason Zillow is just not your friend when it comes to real estate sales. Real Estate is not car buying. Zillow is trying to be the Kelly Blue Book of homes sales, and it's really not helping anyone (buyers OR sellers) understand the value of a home on the North Shore of Massachusetts. What you really need is a local, expert agent, and not a formula to determine the true value of a home! So - STOP looking a "Zestimates". I did a quick 15 minute search and randomly picked a few single family homes in Wakefield, Massachusetts as my source. One recently sold, one on the market, and one under agreement. Here are some examples of homes that are mis-calculated by Zillow:
Single Family Home SOLD in Wakefield:
160 Montrose Ave, Wakefield
MLS SOLD Price: $582,500
Zillow Zestimate: $626,000 (good thing Zillow isn't your buyer's agent!)
Single Family Home On the Market in Wakefield:
21 Fielding, Wakefield
MLS Listed Price: $649,965
Zillow Zestimate: $460,079 (REALLY??)
(for more info on this fantastic lakeside home, click HERE)
Single Family Home Under Agreement in Wakefield:
3 Harwick Road, Wakefield (Here I chose a home that is *under agreement in the average market time, so that we can determine that it is quite possible they are going to sell for asking price, or close to it)
MLS Listed Price: $479,900
Zillow Zestimate: $532,019 (stop already, Zillow. PLEASE)
For more information about the TRUE value of homes on the North Shore of Massachusetts, contact: Paul Santucci, President of True North Realty: 617.694.0004
The Kitchen / DiningRoom of 21 Fielding, Wakefield
The Lakeside Exterior of 21 Fielding, Wakefield
The Master Bedroom of 21 Fielding, Wakefield
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