How accurate are Zestimates in Kansas?
Many home owners look at Zillow thinking they will get a quick idea of the value of their home with the Zillow Zestimate. What most home owners don’t know is that the formula Zillow uses doesn’t work for Kansas home owners.
Kansas is a “non-disclosure” state, which means the sale prices of homes ARE NOT public information. Of course the county records that information and your REALTOR® has access to the sales prices of homes in their area, but general members of the public and corporations like Zillow can’t easily obtain the real sales prices.
So how does Zillow generate a Zestimate in Kansas?
I dug and dug through Zillow’s terms and conditions to find how they handle Zestimates for non-disclosure states. Since they don’t have access to the sales prices, they can get their hands on the mortgage amount after a sale. They they proceed to add 20% to the mortgage amount to get what they think is a fair Zestimate.
I sell lots of houses and it is not very frequently that a buyer actually comes to the closing table with 20% down! Typically buyers are getting Conventional loans with 5% down, FHA loans with 3.5% down or even VA loans with 0% down.
Zillow’s calculations are just wrong in Kansas.
The best way to determine value for a home is to have a professional REALTOR® such as myself look at the most recent SOLD homes that are similar to yours. Then manual calculations and adjustments are made to determine what a buyer may pay for your home in today’s market.
Call me for a free Market Valuation on your property today! (785) 806-2711
John became a top real estate agent by using systems and setting goals. He has developed his business into a successful real estate machine. With his knowledge of technology in real estate and his patience and understanding of daily real estate issues, John is using that knowledge to provide excellent service and a high level of value to his customers and clients.