One of the most important aspects of buying or selling a house is to know the home values in the region. Home sellers need to know these prices to make sure that they are putting a reasonable asking price in their real estate listing that will also offer a nice profit. On the other hand, home buyers should be familiar with these values to make sure they are not overpaying for a home that they love and know what asking prices to expect.
Our real estate team at Your Home Sold Guaranteed Realty - The Salas Team is here to assist you with the task of finding home values in Austin. There are many factors that are considered when determining a home’s worth on the current market, and we are happy to explain all of them to you. We can also make sure you are aware of the difference between a professional home appraisal, online home valuation tools, and Zillow home values in Austin. This includes figuring out if the Zillow prices are higher or lower than expected.
The Zillow Zestimate Explained
The Zillow Zestimate is a home valuation tool which uses a proprietary algorithm to provide users with an estimated market value for a property. This should not be considered a professional appraisal, but Zillow home values in Austin can be excellent starting points for determining your home’s worth. If you are jumping into the real estate market, this can be quite useful for any home buyer or seller.
What Factors Does the Zillow Zestimate Take Into Consideration?
While it may not be completely professional, Zillow home values in Austin do incorporate many critical factors into their approximate determination of worth. These 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
When home buyers and home sellers are using the Zillow Zestimate, they can rely on the inclusion of these factors when they are counting on a fair amount of accuracy when it comes to home values.
Accuracy of the Zillow Zestimate
One of the difficulties of using online home valuation tools such as the Zillow Zestimate is determining the accuracy of those Zillow home values in Austin. 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.
Part of this accuracy relies on the availability of geographic data, and some smaller cities have less publicly available information compared to the larger locations. Therefore, the accuracy of Zillow home values can be reduced.
Are Zillow Home Values in Austin Higher or Lower Than Home Sale Prices?
Zillow’s most recent report for the Austin area has classified it as an “ice cold” market even though the Austin Board of Realtors has stated that the housing market is beginning to rebalance after the hardships of the last few years.
One of the most critical metrics that Zillow has used to demonstrate this market analysis is that only 11% of listings in November 2022 sold for higher than asking which is down from 47% the previous year. It is important to consider all of this information along with expert analysis from local realtors who have the most updated and recent data needed to determine the look of the current market.
You can improve the Zillow Zestimate by including plenty of details about the property, including renovations, major repairs, and additions. It is also critical that property tax history, sales dates, and the local tax assessor are all updated.
Work with Our Team to Get the Most Accurate Home Values in Austin
Are you and your family ready to enter the real estate market as a home buyer or home seller? While it is useful to utilize the Zillow home values in Austin, it is also vital to work with an experienced realtor such as ours at Your Home Sold Guaranteed Realty - The Salas Team to make sure that you have a great real estate experience and have the most accurate information.
Our team is dedicated to making sure you have the best possible experience, and we use all of our resources, skills, and experience to help you accomplish your real estate goals. To learn more about Zillow home values in Austin compared to professional assessments, give us a call at 855-331-7653 or fill out the form on this page with the requested information to get a detailed response from our realtors.
We can’t wait to hear from you!