Whether you have decided to buy a home or sell one, it is important to know the home values in the area. If you are selling your home, it is vital to know the home value to ensure that you are able to get the highest possible price for it on the current market. When buying a home, you should be familiar with the home values in the area in which you are most interested in living to make sure you know what to expect when visiting open houses.
At Your Home Sold Guaranteed - Couture Realty Team, our team of realtors is happy to help you determine the home values of properties you are interested in buying or the value of your home in Las Vegas. We will also help you understand the difference between a professional appraisal, our home valuation tool, and the Zillow Zestimate. In those explanations, we will make sure you know if the estimates on the home value are higher or lower than expected. This is especially common with the Zillow Zestimate.
What Is the Zillow Zestimate?
Using a proprietary algorithm, the Zillow Zestimate home valuation tool provides you with an estimated market value for your home. It is not a professional appraisal, but it is certainly a great starting point for the value of a home. While it may not be professional grade, it can certainly be useful when it comes to planning your next move in the real estate industry.
Factors Considered When Determining the Zillow Zestimate
Although the Zillow Zestimate is not as thorough as a professional appraisal, it still incorporates a wide variety of important factors in order to determine the approximate value of a home. Some of the most important factors include:
- Essential home details
- Square footage
- Number of bedrooms/bathrooms
- Data from the real estate market
- Listing price
- Descriptions of the homes
- Comparable homes in the area
- Days on the market
- Tax assessments
- Prior sales
- Publicly available records
- Seasonally changing demands
With all of these factors taken into account, home buyers and sellers can have confidence that the value they are getting for homes in the area are fairly accurate.
How Accurate Are the Zillow Zestimates?
According to Zillow’s website, the estimates the users receive are generally pretty accurate, and the “median error rate for the Zestimate of U.S. houses on the market is just 1.9 percent” and 6.9% for off-market homes. Accuracy also depends on the availability of data in the geographic location in which the home is located. In cities with less publicly available information than others, the accuracy of the Zillow Zestimate may be reduced.
Are Zillow Home Values in Las Vegas Higher or Lower Than Home Sale Prices?
When it comes to major metropolitan areas such as Las Vegas, the Zestimate for homes that are listed on the real estate market is within 20% of the actual selling price approximately 99% of the time.
To ensure that the home value you get from the Zillow Zestimate is as accurate as possible, be sure to include as many details as possible, especially about renovations, major repairs, and additions. You should also make sure that the property tax history and sales dates are up-to-date, and be sure your local tax assessor is updated too.
Our Realtors Can Get You the Most Accurate Home Values in Las Vegas
At Your Home Sold Guaranteed - Couture Realty Team, our team of real estate experts is here to help you understand all aspects of the real estate market as well as how accurate Zillow home values in Las Vegas can be. We know buying and selling homes can be challenging. But we’re here to make your real estate experience as great as possible.
If you are planning to buy or sell a home in Las Vegas, be sure you are working with the most skilled and experienced professionals in the area to help you achieve your real estate goals. Feel free to give us a call at (702) 476-0060 or fill out the form below with the requested information to receive a detailed response from our skilled team.
We look forward to hearing from you!