One of the hottest topics in real estate today is the Zillow lawsuit.
A woman from Illinois was selling her property but the Zestimate came in significantly lower than what she thought her home was worth. She feels that the low Zestimate negatively impacted her ability to walk away from her property.
This woman is not seeking damages. She simply wants the rules to change on how Zillow is allowed to promote valuations in the marketplace because Zillow is not an appraisal company.
That’s an important distinction because one in 10 Zestimates actually fall 20% below market value.
We’re talking about real money. Buyers use Zillow as a tool to search for property and when they see that the Zestimate is so much lower, it’s going to be harder as a seller to actually sell the property for its market value.
As I’ve mentioned before, if you’re thinking about selling your home, Zillow can be a good baseline. However, if you want to know what your home is actually worth, it’s important to work with a real professional real estate agent.
If you would like to learn more about the Zillow lawsuit or find out what your home is worth, just give me a call or send me an email. I would be happy to help you!