Zillow is a tremendously popular website with a ton of bells and whistles. One of the more popular features of the site is the "Zestimate", which Zillow uses to approximate a home's market value. We speak to many sellers every year about the market value of their property, and very often they are well aware of their Zestimate. People ask, "Is my Zestimate accurate?" Very often the answer is no, because the Zestimates are grossly overstated (see our data toward the bottom of this post).
Another common discussion point with sellers is their property's assessed value. We're all aware of our own property's assessment. It's used to calculate our annual tax bill. But is there any relationship between a property's assessed value and it's true market value?
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