How Accurate is a Zestimate?
It seems like everyone these days sooner or later looks up the Zestimate on their own home whether they plan to sell or not. The question always arises, “How accurate is the Zestimate?”. To answer that you have to understand how they arrive at the stated value. It is a mathematical algorithm. Zillow won’t disclose the specifics of what data they use or the particulars of the algorithm. We know it does take into account some of the basics like recent sales in the area, square footage, tax evaluation, age, etc. By their own admission it can be significantly off from true market value. One of the limitations is Zillow cannot make a determination on the condition of the home. Consider this, you have two homes next door to one another. They are the same age and size. The one on the left needs a roof and a bath remodel and the basement is full of mold. The one on the right is fully updated like new. Zillow will assign the same Zestimate to both. Zillow also has trouble factoring in location and setting/view values. They were recently forced to suspend their iBuying program due to large differences in their estimated value and market value causing them to lose money on the program. If you are looking for a top Realtor in the Kettering, Beavercreek, Bellbrook, Dayton and surrounding areas please reach out to me and let’s talk.
What is an Egress Window?
The subject of egress windows typically comes up when discussing a basement bedroom. People ask if you have to have a window in a bedroom below grade. The answer is you have to have a way to get out from within the room. It can be a door or window in the room with direct access to the outside. So, if you don’t have a door in the room that leads outside then you must have an egress window. An egress window is an opening of at least 5.7 sq ft which equates to about 24” x 20” – large enough that firemen can get in and out. The question comes up about walkout basements since they have a door to the outside. This door meets the requirement of egress, however, once you start dividing that basement into rooms each room needs direct access from within the room to the exterior. If you are looking for a top Realtor in Kettering, Beavercreek, Bellbrook and surrounding areas reach out here and we can talk. More New Construction Videos
New Construction Tips Compilation
Whether you're looking to learn more about weep holes, nail plates or plumbing in a slab home - I cover all of this and more in my New Construction series! More New Construction Videos
Categories
Recent Posts
