In a recent Sunday Los Angeles Times, the discussion regarding the Zillow Zestimate of home values continued, as it does on Facebook and in almost every conversation that includes the question "What is my home worth?"
I love Zillow, because it embodies the essential truth of home valuation--no one really knows what a home is worth. What does Zillow know about your home? It knows the public record of its square footage, bedroom and bath count, and where it is on a map. That's about it. It doesn't know that you legally added 1500 square feet of exquisitely appointed master bedroom suite including spa bathroom and vast walk-in closet that somehow hasn't shown up on the tax records yet. It doesn't know that the house down the street that sold for $200,000 less than you think yours should was a tear-down.