If you’ve ever spent any time surfing the web looking at Minneapolis duplexes and real estate for sale, then odds are you’ve stumbled upon a Zillow Zestimate.
It may have been for the property you’re looking at, or perhaps, you’re just curious what your own multifamily property or house is worth. So many people do this, that I’ve even started looking at that number and sharing it with duplex sellers when I meet with them. And of course, I’ve also tried to explain why it doesn’t have much credibility.
You see, nobody’s sure what Zillow’s algorithm is nor how it calculates value and it is often wrong. Back in 2016, even Zillow’s then CEO Spencer Rascoff sold his own home for just 40% for it’s Zestimated value.
Zillow maintains it’s improved it’s algorithm and is producing more accurate results. As a licensed Realtor I have my doubts.
In fact, two weeks ago I shared a Zestimate value with a client. While it was well above the tax assessed value and what my analyses suggested the property was worth, it was fun to see. Two weeks later I had reason to circle back and plug the property address into Zillow again.
Guess what?
In just two weeks Zillow’s estimate of value had dropped a whopping $51,100!
Whether you’re thinking of selling, or just want to know what your Minneapolis or St Paul duplex, triplex or fourplex is worth, give me a call. The value I give you will be based on facts and experience, not programming.