When one of the largest marital assets is a home, determining its value deserves more than an automated estimate.

Imagine this common scenario.

One spouse believes the marital home is worth $1.4M because that's what Zillow says.

The other believes it's worth $1.55M based on recent neighborhood sales.

That $150,000 difference can significantly impact settlement negotiations, equalization payments, and ultimately each client's financial future.

The question isn't who's right.

The question is whether either opinion is supported by a professional analysis of today's market.

As a Certified Divorce Real Estate Expert (CDRE®), I'm often asked whether a Zillow Zestimate is sufficient when attorneys and their clients are determining the value of a marital home. While online estimates can provide a general reference point, they were never designed to determine Fair Market Value for legal or financial decision-making.

Why Online Estimates Have Limitations

Automated valuation models rely primarily on publicly available information and statistical modeling.

What they cannot evaluate are many of the factors that influence what a knowledgeable buyer is actually willing to pay.

An online estimate doesn't know:

• The condition of the home
• Recent renovations or deferred maintenance
• Interior finishes and craftsmanship
• Functional layout
• Neighborhood desirability
• School district influences
• Whether the home backs to a busy road or overlooks a park
• Views, lot characteristics, or street appeal
• Current buyer demand
• Whether comparable sales involved multiple offers or seller concessions
• The motivations behind comparable sales

These are often the very factors that influence a home's true market value.

Why Chicago Is Different

The Chicago market presents another challenge for automated valuation models.

MRED's Private Listing Network (PLN) allows certain properties to be marketed privately before they appear on the public market. Because these listings generally are not reflected in automated valuation models, online estimates may be working from an incomplete picture of today's market.

What Makes a Fair Market Valuation Different?

A Fair Market Valuation (FMV) is much more than a list of comparable sales. It is a comprehensive analysis that estimates the price a property would most likely sell for in an open and competitive market, where buyers and sellers are well-informed, acting in their own best interests, under no undue pressure, and given a reasonable amount of time to complete the transaction.

As a Certified Divorce Real Estate Expert (CDRE®), I prepare Fair Market Valuations specifically for divorce matters. Each valuation combines current market data, professional analysis, and local market expertise to provide a credible, objective opinion of value that supports informed decision-making during negotiation, mediation, collaborative divorce, and litigation.

Every Fair Market Valuation includes an analysis of:

• Comparable sales, pending sales, and active competition
• Current buyer demand and market conditions
• The home's condition, improvements, and deferred maintenance
• Lot size, square footage, floor plan, and overall functionality
• Neighborhood, school, and location influences
• Views, amenities, and unique property features
• Local market trends, supply and demand
• Days on Market (DOM)
• Seller concessions and pricing strategies
• Distressed sales, when relevant
• Private Listing Network (PLN) activity, when available
• Professional analysis explaining how and why the opinion of value was reached

Unlike an automated estimate, or simply providing MLS comparable sales, a Fair Market Valuation evaluates and weighs all of these factors to determine what a knowledgeable buyer would most likely pay for this specific property in today's market.

Another advantage of a Fair Market Valuation is that it can be updated as market conditions change.

Because divorce proceedings often extend over several months, and sometimes years, market conditions can change substantially before a settlement is reached. When appropriate, I can update the Fair Market Valuation to reflect current market conditions, providing attorneys and their clients with the most relevant opinion of value at the time decisions are being made.

The goal isn't to arrive at the highest value or the lowest value.

The goal is to provide an objective, well-supported opinion of Fair Market Value that attorneys and their clients can rely on when making informed decisions.

Key Takeaway

A Zestimate provides a general estimate.

A Fair Market Valuation provides an objective, well-supported opinion of value based on current market conditions, professional analysis, and the unique characteristics of the property.

Unlike a static valuation prepared for a specific point in time, a Fair Market Valuation can be updated as market conditions change, providing attorneys and their clients with current, relevant information throughout the divorce process.

When one of the largest marital assets is being divided, that distinction matters.

The Difference

A Zestimate answers:

“What might this home be worth?”

A Fair Market Valuation answers:

“What is this specific home likely to sell for in today's market, and what market data and professional analysis support that conclusion?”

Those are two very different questions.

When accuracy matters, so does the analysis behind the value.

About the Author

Leslie Glazier, CDRE® is a Certified Divorce Real Estate Expert® with more than 20 years of residential real estate experience in the Chicago area. She prepares Fair Market Valuations for attorneys and homeowners navigating divorce, serves as a neutral real estate advisor, and provides valuation guidance, strategic planning, and court-ordered home sale services.