Zillow estimate?

[Vmjtc3]

How accurate is it? Mine said my house has come back to within $20k of what I paid for it so thats pretty good considering a couple years ago I was $100k upside down. I just wonder how close it is, most of the houses in this area are listed for $20k-$30k higher than the estimate. So are they low on the estimate, or are people just listing higher to have some wiggle room?

 

[Singleton]

Mine says up since we purchased. I take 50% of the increase they are reporting and call that reality.

 

[Vmjtc3]

Mine says up since we purchased. I take 50% of the increase they are reporting and call that reality.

Hmm, wonder if it varies by area? Everyone here is selling or listing for $20-$30k over what zillow lists it's value at..... If thats the case then I am selling and leaving!!

 

[was thatguy]

I think it is more realistic to use it for trending than actual worth.
Ours is also creeping back to purchase price. (390)

But zillow is strictly a data base calculation as for as I know.
For instance, about 6 years ago when Walmart opened in our small town, the zillow estimate jumped 20K that week based solely on that.
I'm no realtor, but I think that is an inaccurate representation, based strictly on a formula.

When the market is down, it trends below actual potential price, when market is up, it trends over. At least it has with our place.

 

[HocusPocus]

Zillow says that my house is in foreclosure which is news to me, been in this place for 16 years and will be paid off soon. :rolleyes

 

[DrHW]

But zillow is strictly a data base calculation as for as I know. I'm no realtor, but I think that is an inaccurate representation, based strictly on a formula. When the market is down, it trends below actual potential price, when market is up, it trends over. At least it has with our place.

That is about right for Zillow. Can we under or over and I have view the same as was posted. More like a trend as to what is actually happening.

 

[Waffles]

Zillow says that my house is in foreclosure which is news to me, been in this place for 16 years and will be paid off soon. :rolleyes

Like thatguy said, its all based on algorithms that don't apply till the real world. From current market values to you up to date listings, it's one of the worst sites to evaluate any property

Sent from my SCH-I535 using Tapatalk

 

[Classic Daycruiser]

Hmm, wonder if it varies by area? Everyone here is selling or listing for $20-$30k over what zillow lists it's value at..... If thats the case then I am selling and leaving!!

Same here where I live. Homes are listed about 20-30k over Zillow. I'm not selling, but its nice to know we're at 80-90% of peak prices of 2006.

 

[dribble]

I sold a house last year for $320,000 that Zillow had valued at $285,000. They are only accurate in a rare flat market.

 

[Bob Bitchen]

Here's the deal: Zillow is statistacal information so if you live in a conforming tract of all similar homes with no golf courses etc they can be somewhat reasonable. However, if you live in a non-conforming area with acreage, views or other amenities that make values vary, they Suck. They are also skewed by short sales, repos, and other non arms-length transactions etc. Yes, I'm an appraiser.

 

[Aaron]

Zillow only takes in to consideration the sqft. and bedroom/bath count in a comparable sale situation. They don't count for upgrades, the of sales, view, etc. If you want a solid value contact a local Realtor and ask for a market analysis. Any good Realtor will come by the house, take a look, go back and put together a report and give you a pretty accurate value.
I am a local Realtor in the inland empire and we do these pretty much everyday. If you are local give me a call at 909-917-8388. If not pm me where ou are and I can get you in contact with a good local agent. I have a pretty good network.

 

[screwball]

Just sold our house for $535k and Zillow valued it at $320k.

 

[Tamalewagon]

PM me your address and email and I'll send you comps. They are much more accurate than Zillow.

 

[Baja Pete]

Are there any websites that are more accurate?

 

[PlowTown Missile]

I just did a comparison of Zillow's Zestimate vs real selling prices here in central IL. I have a handful of co-workers that have bought properties in the last 5 months and having 3 homes + a lake condo in the Ozarks, I was curious what I should expect when I put a couple properties up for sale here this year. What I found is that the Zestimate was within $5k of real selling price in central IL.

 

[Yellowboat]

it says my house is worth 123k more then i paid for it 6 months ago... i paid 117k lol now if I can find me a sucker to pay that much for it i would be a happy camper.

 

[Buoy]

it says my house is worth 123k more then i paid for it 6 months ago... i paid 117k lol now if I can find me a sucker to pay that much for it i would be a happy camper.

I've been in my place for 2-1/2 yrs. Bought at the absolute bottom of the market.
According to Zillow, I 'm valued at 1-1/2 times what I paid.
I have no intentions of selling - ever, but I wonder if that "Zestimate" would work in my favor if I decided to do a home equity loan to do a few improvements.
I want to cut in another door to the backyard, deck, stair, and a block/iron work fence. And paint the whole place.
Hmmm...

 

[Classic Daycruiser]

I've been in my place for 2-1/2 yrs. Bought at the absolute bottom of the market.
According to Zillow, I 'm valued at 1-1/2 times what I paid.
I have no intentions of selling - ever, but I wonder if that "Zestimate" would work in my favor if I decided to do a home equity loan to do a few improvements.
I want to cut in another door to the backyard, deck, stair, and a block/iron work fence. And paint the whole place.
Hmmm...

Why not take a bit more out, and enlarge the garage, so you can fit the new 2014 Polaris 1000, a toy hauler, and new tow rig inside.:thumbup: :skull

 

[Buoy]

Why not take a bit more out, and enlarge the garage, so you can fit the new 2014 Polaris 1000, a toy hauler, and new tow rig inside.:thumbup: :skull

The garage is already big enough to fit my Avalanche, the wife's Hummer, the boat, and the SxS. Plus tools, work tables, and cabinets...:skull
Plus, a loan should be tax deductible, no?

 

[RiverDave]

I am the furthest thing from a real estate expert.. but when I was shopping for houses it seemed that zillow always was on the low side..

RD

 

[HavasuHank]

For my area, Zillow estimates are on the low side.

 

[djunkie]

It pretty much states the same what I paid. I know its off though.

 

[lakemadness]

It pretty much states the same what I paid. I know its off though.

How could it be off then? Didn't you recently purchase?

 

[fmo24]

I just looked at Trulia and Zillow. Zillow was 60 thou lower on my house

 

[traquer]

Zillow is a good start, actually a great start especially for buyers, but it doesn't account for the intangibles. My dad is in the Corona market, and we used to work together around 5 years ago doing a lot of business. I do other things now but I still have a say in his marketing and we just came up with an idea: segmenting each community that we are interested in and sending them their own customized market update flyers showing on a street map the last few month's sales info (sales price/ listing price/ days on market). Each home is unique and we'd love to offer an expert valuation with no pressure etc. we tell them that of course Gets them up to speed on the realistic numbers too.

Anyone have any tips on what they wish Realtors would do that they don't? I'm soliciting for advice now lol

 

[steamin rice]

Here's the deal: Zillow is statistacal information so if you live in a conforming tract of all similar homes with no golf courses etc they can be somewhat reasonable. However, if you live in a non-conforming area with acreage, views or other amenities that make values vary, they Suck. They are also skewed by short sales, repos, and other non arms-length transactions etc. Yes, I'm an appraiser.

This is my impression of Zillow also. Tract neighborhoods with a reasonable number of sales happening On a regular basis will have more accurate values than custom neighborhoods where the houses vary significantly from each other.

 

[Bobby V]

Zillow is a good start, actually a great start especially for buyers, but it doesn't account for the intangibles. My dad is in the Corona market, and we used to work together around 5 years ago doing a lot of business. I do other things now but I still have a say in his marketing and we just came up with an idea: segmenting each community that we are interested in and sending them their own customized market update flyers showing on a street map the last few month's sales info (sales price/ listing price/ days on market). Each home is unique and we'd love to offer an expert valuation with no pressure etc. we tell them that of course Gets them up to speed on the realistic numbers too.

Anyone have any tips on what they wish Realtors would do that they don't? I'm soliciting for advice now lol

I keep getting letters from realtors who say they have a family that loves my area and the schools. Not sure if it's real or not.

 

[traquer]

I keep getting letters from realtors who say they have a family that loves my area and the schools. Not sure if it's real or not.

It could be? More likely they want the listing.

In real estate there's a saying "You list to last" and another one: "buyers are liars"

 

[AzGeo]

Porter Ranch in Northridge (Devonshire at Tampa, SFV) Zillow has the property as $580 (due to no traffic in the past 35 years) Rebuilt house sold for $712K in July after a $749 asking price. Have another property, 3 blocks away. Zillow shows $680K and I will be asking $799K. Being on the outside of Zillow, I see that they are way behind all the pricing in the custom home areas. I don't feel that they are up to speed on any of the local sales around here. This area has all custom 'one off' built homes, 2200 square feet and more, up to about 8400 square feet.

 

[djunkie]

How could it be off then? Didn't you recently purchase?

Almost a year ago. It's worth more now.

 

[djunkie]

I keep getting letters from realtors who say they have a family that loves my area and the schools. Not sure if it's real or not.

My agent called me 3 months ago and asked if we wanted to sell. Said he had a client that would pay $25k over what we paid. We said no. He called back later and said they'd go higher if we were interested. Still said no.

 

[Yellowboat]

tell them 100k and your in... the worst they could say was no...

 

[djunkie]

tell them 100k and your in... the worst they could say was no...

Wasn't gonna happen. He said maybe they'd go as high as $50k but even then trying to find something else wouldn't have made it worth it.

 

[Cole Trickle]

Wasn't gonna happen. He said maybe they'd go as high as $50k but even then trying to find something else wouldn't have made it worth it.

not to mention moving and paying realtor fees again.....

BTW...I get these letters/calls all the time. great marketing ploy

I think I'm only 50-60K upside down now that the market has rebounded...hahaha

 

[djunkie]

not to mention moving and paying realtor fees again.....

Exactly. We had a moment where we saw dollar signs then it hit us about all the moving crap and starting it all over again. Fuck that. I'm watching the comps in the area. I think we could do better than $50k anyways. I still don't think I'd do it.

 

[Cole Trickle]

Exactly. We had a moment where we saw dollar signs then it hit us about all the moving crap and starting it all over again. Fuck that. I'm watching the comps in the area. I think we could do better than $50k anyways. I still don't think I'd do it.

it would cost you 15K in fees to sell and another 15K in closing costs on a new home.....not to mention finding something right now in you're area would be a nightmare becuase of inventory.

The sooner you get happy with that being you're last home and pay it off the better you will be down the road.

 

[djunkie]

it would cost you 15K in fees to sell and another 15K in closing costs on a new home.....not to mention finding something right now in you're area would be a nightmare becuase of inventory.

The sooner you get happy with that being you're last home and pay it off the better you will be down the road.

I've seen a few places for sale. Haven't looked at it really close though but I'm getting recent comps sent to me on occasion and the prices are going nuts like they did years ago. Too high too fast again. Scary.

 

[Cole Trickle]

I've seen a few places for sale. Haven't looked at it really close though but I'm getting recent comps sent to me on occasion and the prices are going nuts like they did years ago. Too high too fast again. Scary.

yep....Its going to happen again.

Rates are low and lending tolerances have laxed a bit. People have short memories of the past.

Since I switched to bi monthly billing with some extra cash thrown at the principal I have seen a huge drop in what I owe. I was pretty pumped to see that I only owe 397K last week

15 more years and I'm burning that note and staying there until I can afford to retire and move out of state.:thumbsup

 

[djunkie]

yep....Its going to happen again.

Rates are low and lending tolerances have laxed a bit. People have short memories of the past.

Since I switched to bi monthly billing with some extra cash thrown at the principal I have seen a huge drop in what I owe. I was pretty pumped to see that I only owe 397K last week

15 more years and I'm burning that note and staying there until I can afford to retire and move out of state.:thumbsup

Not me. In a couple years I'm pulling a 100k out and redoing the pool and buying a new a boat. Lol

 

[HavasuHank]

Prices are coming up in my area. If they go up a considerable amount further, I may consider selling. Then I plan on renting until everything takes a shit again.

Then I'll be able to buy a big house on a huge lot with a pool in the same neighborhood for $200k. D

 

[Cole Trickle]

Not me. In a couple years I'm pulling a 100k out and redoing the pool and buying a new a boat. Lol

good plan...haha

Atleast you will get some toys out of it next time around. All we got was a 200K dick in the ass last time

 

[Buoy]

According to Zillow, I could sell and make about $150K. Not bad for 2 yrs here.
But, I love my house, and have no desire to move - ever!
I've moved so many times in my life, and finally found a place we really want to be.
We had a scare this summer that we were going to have to move to Minnesota for work.
I couldn't take that