The Cold Hard Truth about Zillow and Idaho!
Before you hug your Z estimate to tight lets discuss the facts about that little baby.
Ever wonder where Zillow gets there information? Its pretty simple Public Records, and Zillows own Algorithm that helps it determine a value off public records and there own values that they have plugged in to come up with a hypothetical value for your home.
So hypothetically and not taking into consideration the home improvements you have done or the fact that the neighbor did home improvements and you ripped your kitchen out and didn’t return it There is your value.
Now don’t get me wrong I am not a Zillow hater. In fact I am a Premier agent with Zillow. I pay them the big bucks for my listings to be listed as mine and for the property requests that are done on those listings to actually come back to me. The listing agent. I love the fact that so many people do use Zillow.
But here is the deal! Idaho is a non- disclosure state. So what does that mean for Zillow? They are not accessing our public records for home sales. We as agents will get in trouble if we disclose to Zillow what homes are selling for. So where is that pie in the sky number coming from?
That’s a good question. I have a few ideas but none of them are probably suitable to put in print.
See that is one of the beauties of Idaho. You go down to the county to file for your home exemption. First words will be what did you pay for the property? Your answer is:
I Choose not to disclose!
Now is it ever in your favor to disclose? There are times: Example being when the market was bad. You bet if your new property is getting taxed as being worth $200k and you just paid $150k then you bet you march on in there with your contract and closing statement and you disclose what you paid for it. But if that is reversed you take the Idaho answer! I choose not to disclose! And don’t feel bad about taking that choice. They expect it! And it is your right!
So keep in mind of how Zillow just came up with that Z Estimate on your home or a home you are considering from a State that Chooses not to Disclose. You probably guessed it!
Get an actual value! Contact me I am happy to disclose to you from the MLS (that I cannot put public links to closed properties on) sold homes in any area that you would like. Be it a home you are considering selling or a home you are considering purchasing. You want to rely on someone with the real tool bag. For Idaho it truly is Not Zillow!
Contact me here for any specific property that you would like a market analysis on or just some local com parables.