Home Valuation

Why Knowing The Value Of Your Home Is Important-And Why A Zillow Zestimate Is Not An Accurate Tool.

If you’re using a Zillow Zestimate to get an accurate home valuation, you may get a skewed result, which could then affect your home’s listing price. While Zillow has historically provided relatively accurate estimates based on the year the home was built, the number of bedrooms, square footage, and other quantitative data, they’ve recently changed their algorithm. Even when Zillow was fairly accurate, it still provided only an estimate as opposed to a true valuation done by an appraiser or Comparative Market Analysis. Here’s how to get an accurate home valuation and why relying on Zillow or similar sites is usually a bad idea. Outstanding client service, experienced business practices, and ingenious marketing strategies are what make our team the most trusted team in the area.Outstanding client service, experienced business practices, and ingenious marketing strategies is what makes our team the most trusted team in the area.

main

What is a Home Valuation?

A home valuation is just a fancy way of saying what the value of your home is. They are used during real estate transactions such as buy-sell or refinances to ensure homeowners or buyers are not overborrowing for a property. The home is used for collateral in a mortgage, and if the borrower defaults on his or her loan, the lender will sell the home to recoup the money lent to buy it. If the home was overvalued and they lent too much, they could lose money. The home valuation ensures they will be able to recoup costs should the mortgage not be paid in full.

main

What is a Zillow Zestimate?

A Zillow Zestimate is an automated home valuation tool and is recommended as a starting point when determining the value of your home. It incorporates user-submitted and public data and takes into account home facts, location, and market conditions. Zestimates are done entirely online, and no representative of Zillow will visit your home to perform an appraisal. Banks and lenders do not use Zillow or similar services to estimate property and instead rely on the expertise of a licensed appraiser. A Zestimate can be off by nearly 5% nearly 40% of the time in some markets, which amounts to around $15,000 on a $300,000 home.

main

What is the Main Difference Between a Zillow Zestimate and a Valuation Performed by an Agent?

The main difference between the two is that a Zillow Zestimate is simply an algorithm. You punch in data, and a value pops out. There is no actual human involved who views your home, compares it against others on the market, and produces a detailed report. When an agent conducts a valuation, they are actively involved in the process and create a valuation that is personalized and in-depth.

Testimonials
The Lobo Group helped us find our home during the extremely volatile housing prices and increasing interest rates of the summer and fall of 2023. They gave us great ...
Buyer
We initially hired the Lobo group because they were highly recommended and Raisa Lobo is in the top half percent of agents. She streamlined our search by showing ...
Buyer
Bought and sold with Raisa and Teddy. Worked with us to get a high price for the home we sold. Extremely responsive, engaged. Both went above and beyond expectations...
Seller | Buyer
Raisa and Teddy were a dream to work with on the sale of my condo. The condo had been on the market for many months and Raisa came in and turned things around! She a...
Seller
We listed our loft style condo for sale with The Lobo Group and had a great experience. Raisa had excellent knowledge of the West LA condo market and priced our list...
Seller
Our expansive network and white-glove service ensure the best experiences for our buyers and sellers.
Get In Touch For Your Personalized Strategy
I reached out to Raisa and Teddy because I had a neighbor in my condo complex who successfully sold her unit via this team. 3 months later, here we are in our dream ...
Seller | Buyer
Raisa and her team are true masters at what they do. When we first met with her over coffee to discuss what we were looking for in a new home, she was all ears, too...
Buyer
01 02 03 04 05 06 07 08

Discover Your Home Valuation

Are you interested in buying a home? Look no further than working with our experts.

By providing The Lobo Group your contact information, you acknowledge and agree to our Privacy Policy and consent to receiving marketing communications, including through automated calls, texts, and emails, some of which may use artificial or prerecorded voices. This consent isn’t necessary for purchasing any products or services and you may opt out at any time. To opt out from texts, you can reply, ‘stop’ at any time. To opt out from emails, you can click on the unsubscribe link in the emails. Message and data rates may apply.

How is a Valuation Performed?

There are two accurate ways to perform home valuations: with a Comparative Market Analysis and an appraisal.
​​​​​​​Here is how the two differ:

Why is a Valuation Important?

Though getting a valuation in order to sell your home is the most common reason to get a home valuation, it’s not the only one. ​​​​​​​Here are some more situations when a home valuation may be necessary:

Contact Us to Learn More.

Contact