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ZILLOW ZESTIMATE: LEARNING ITS LIMITS IN THE SPECIAL ORANGE COUNTY MARKET

Thursday, December 21, 2023   /   by Bob Cowan

ZILLOW ZESTIMATE: LEARNING ITS LIMITS IN THE SPECIAL ORANGE COUNTY MARKET

Zillow Zestimate Navigating Its Limits in the Unique Orange County Market.jpg

Orange County, California's Real Estate Market Is Diverse and Changing


Orange County, a thriving center of exquisite properties ranging from exquisite oceanfront apartments to specially constructed opulent mansions. The distinctive real estate market in our area provides a variety of neighborhood types and architectural styles. But how trustworthy are resources like Zillow's Zestimate when it comes to appraising these properties?

Comprehending Zestimate

With the 2011 introduction of Zillow's Zestimate, homeowners and prospective purchasers faced a new reality. It uses information from user-submitted data, recent transactions, and property tax records to provide a rapid, algorithm-based assessment of a home's market worth. But it's important to understand its limitations, particularly in a region with as much diversity as Orange County.

Zestimate's Restrictions in the Orange County Market

1. Orange County is well known for its distinctive features and bespoke houses. These attributes frequently contain special characteristics that are difficult for ordinary methods to precisely quantify. For example, two houses may be in the same zip code but have quite different layouts, features, and prices.

2. The availability of an ocean view has a significant impact on property values in coastal communities. residences with views of the ocean on one side of the street may sell for 20% more than comparable residences without the view; automated algorithms like Zestimates sometimes overlook this subtlety.

3. Market Dynamics: Orange County's real estate market is ever-changing. In a seller's market, particularly in desirable districts, Zillow's system may not always account for sudden price increases.

Examining The Accuracy in Further Detail

Zillow's typical mistake rate for off-market houses is around 7.5%, despite its utility. This difference may be significant, particularly in upscale neighborhoods like Orange County. For example, a $1 million house with a 7.5% Zestimate inaccuracy would have a $75,000 difference, which is a significant amount.

Why the Local View Is Important

Local knowledge is extremely crucial when it comes to the Orange County real estate market. Orange County Real Estate, Inc. distinguishes itself with a staff of experts versed in property appraisal. Our agents are far more knowledgeable about the specifics of the local market than any algorithm could be. We value properties by doing a comprehensive inspection of your house. We take into account elements that automated methods like Zestimates can miss, such as the distinct charm of a bespoke house, the value of an ocean view, and the nuances of a desirable community.

We understand that each Orange County property has a unique history and worth that can only be fairly determined by a skilled, trained eye.

Our Team in Your Home Sold by - Bob Cowan, (Team Leader Bob Cowan) have developed our Automated Home Valuation Tool, which you may access here homeestimateOur goal is to ensure that your property's evaluation fairly represents its true market worth.

This accuracy in appraisal is essential for determining the appropriate asking price and plays a major role in successful discussions with prospective purchasers. You can rely on Your Home Sold by - Bob Cowan to handle your property valuation requirements with a comprehensive and all-encompassing approach.

By working with Your Home Sold by - Bob Cowan you're collaborating with professionals who are dedicated to advancing the interests of your property and making sure you get the most return on your investment. Our meticulous, hands-on approach to house valuation lays the groundwork for a fruitful and fulfilling selling process in the ever-changing Orange County real estate market.

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  bob cowan, san clemente, platinum living realty, orange county, december 2023

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
949-441-9918
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of July 15, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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