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Zillow estimates..

Discussion in 'Everything Else (off topic)' started by Beetle-Kill, Jul 2, 2015.

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  1. Beetle-Kill

    Beetle-Kill

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    I was farting around on Zillow.com , and just wondering if their info/ estimates on properties are current?
    Anyone use Zillow as a reference or guideline?
     
    Beetle-Kill, Jul 2, 2015
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  2. bushpilot

    bushpilot

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    I find it useful as a starting point. My current house is overvalued by Zillow by about 60%, but my previous was closer, about 10% off. If your house fits "normal," and is located in a city, it will be pretty close. If your place is different than normal, it will miss the mark.

    Greg
     
    bushpilot, Jul 2, 2015
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  3. Jack Straw

    Jack Straw

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    They seem all over the place here, some high and some low. Our market is quite soft around here.
     
    Jack Straw, Jul 2, 2015
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  4. Mitch Newton

    Mitch Newton

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    My opinion as a real estate appraiser: Zillow is good to see what's listed in your area, as far as an accurate value estimate HA HA HA HA, you get what you pay for and Zillow is free HMMM HMMM HMMM
     
    Mitch Newton, Jul 2, 2015
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  5. bocefus78

    bocefus78

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    I work part time selling real estate with my parents. They are full time with 30 years experience and do about 10 million $ in sales a year.

    Zillow stinks. They show homes for sale that are not even on the market, and their estimates are usually wrong also.

    We constantly have to educate the public about this.

    If you want an accurate market analysis, contact an agent.
     
    bocefus78, Jul 2, 2015
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  6. papadave

    papadave

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    Comping my home against any of my neighbors would be an exercise in futility, but that's a pretty normal method. I'd opt for an experienced agent for that rather than an online resource.
     
    papadave, Jul 2, 2015
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  7. ironpony

    ironpony

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    not even close,
     
    ironpony, Jul 2, 2015
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  8. cnice_37

    cnice_37

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    I like Zillow for checking out homes in a prospective neighborhood; you can quickly see the types of homes/ sizes and broad values.

    For a CMA, I'd use an agent. However, I don't really like those either given the rather vague categories. As always, the market dictates the true value; and I'm a capitalist pig.
     
    cnice_37, Jul 2, 2015
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  9. bassJAM

    bassJAM

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    I like zillow for looking at comparable houses and seeing what the asking price is. With enough of a baseline you get a ballpark idea of what a place is worth. But their estimates seem pretty far off.
     
    bassJAM, Jul 2, 2015
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  10. wildwest

    wildwest Moderator

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    At one point my house was on Zillow twice at the same time. The values were $100K different....
     
    wildwest, Jul 2, 2015
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  11. papadave

    papadave

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    :picard::doh::rofl: :lol:
     
    papadave, Jul 2, 2015
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  12. papadave

    papadave

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    PLEASE tell us you took the higher number.:rofl: :lol:
     
    papadave, Jul 2, 2015
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  13. TurboDiesel

    TurboDiesel

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    Quoted from Zillow's web site

    It is a starting point in determining a home's value and is not an official appraisal.
     
    TurboDiesel, Jul 2, 2015
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  14. Beetle-Kill

    Beetle-Kill

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    I figured they could be all over the place. I looked up my folks old address in Calif. There old property is soooo underwater it's not funny.
    Can't even find my place.
     
    Beetle-Kill, Jul 2, 2015
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  15. swags

    swags Moderator

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    Zillow uses an algorithm for values and doesn't take into consideration anything in your house or condition. They are a good site for basic info but aren't linked to the MLS used by realtor and their info is often way outdated and often wrong. They have a good thing going to sell adds as they are high traffic.

    The only times I see them accurate is in very uniform neighborhoods where all the houses are similar age, size, ect. As a real estate agent we are constantly having to field questions and give correct info regarding Zillow.

    Don't take their estimate for much
     
    swags, Jul 2, 2015
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  16. wildwest

    wildwest Moderator

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    What burned my rear end?!? Comps. We sold our home of 20 years, and the best comp was basically inaccessible in weather (terrible steep slippery roads). That comp along with foreclosures on properties that had burned down in wildfires brought our appraisal way down.
     
    wildwest, Jul 2, 2015
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  17. wildwest

    wildwest Moderator

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    my husbands childhood home in Cali (the father still lives there) is several hundred thousand less than the boom. On the other hand, my relatives homes in Colorado are currently going through the roof. One realtor said the successful housebuyers have to bid above and beyond the appraisal/asking price.
     
    wildwest, Jul 2, 2015
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  18. Beetle-Kill

    Beetle-Kill

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    Yup about the Colorado thing, it's getting nuts again. A kinda nasty place at the mouth of the canyon was about 130K in '09, now it's 230K.
    I did find my Zillow estimate. Over double what I agreed to in '09. Gotta be a very optimistic estimate, but property is going nuts around here.
    You can rent a one bedroom apartment in Denver for about $400/month more than my mortgage payment. It's stupid.
     
    Beetle-Kill, Jul 2, 2015
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  19. wildwest

    wildwest Moderator

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    Yep, colorado market is super hot at the moment!
     
    wildwest, Jul 2, 2015
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  20. boettg33

    boettg33

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    Exactly what I was going to say. They factor in the variables for your property. Square foot of your home, size of your land and location. This gives them a rough number to go with. My house is as unique as they come, and their number was so far off the mark it's laughable. If you want real numbers, get your realtor to give you estimates. They'll look at the house, and attempt to compare it to similar houses.
     
    boettg33, Jul 3, 2015
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