How acurate are the estimated values on Zillow?
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How acurate are the estimated values on Zillow?
From what I understand....only est prices are the pre sale or foreclosures. The actual houses for sale are accurate asking pricesQuote:
Originally Posted by JJ78
So, not too acurate for homes that are not listed for sale?
Says my house has gone from $170K to $225 since we purchased it in Sept. last year
We have put in a salt water pool and I did all the landscaping in front and back. Not sure if landscaping matters.
Zillow does not account for the pool
The house 2 doors down, same square footage same size lot, same house basically with pool is valued at $250K?
just checked mine, not even close to what's its worth!
I don't know how they do estimates but from my experience they do not seem accurate.
Bass- more or less
There is a house down the street that recently sold for $245K Zillow had it appraised at $220K
Smaller sqft than ours by 500sqft
Zillow is more for the buyer
way les than its worth.Quote:
Originally Posted by JJ78
I like the sound of that!
You can go into Zillow and edit information in regards to upgrades to change the value.Quote:
Originally Posted by JJ78
Zillow is an estimate but I have found it's pretty close +or- 10% no counting unknowns.
I work in Real Estate. Zillow is inaccurate. I have seen 200k in either direction in homes in NY.
Your best bet is to look at what has sold in past 6 months within a mile of your home. If you live in rural area you can go further then a mile. A nice lawn does not add value and only in ground pools ad value.
RWY- We are in Vegas, and we thought the pool was a good idea. I realize we will not get the $34K that we invested, but we will enjoy it.
Do you think our pool adds at least $25K to the value of our house?
I have monitored home sales. There have been a few in our neighborhood that have sold recently, but they are all over the board
1-1850sf with pool and redone inside sold for $244,900 12.5Ksf lot zillow est $190K
2-2235sf no pool not many upgrades has contract pending for $190K 10Ksf lot Zillow est. $215k
Our home--2300sf with pool some upgrades(doing more) 13k sf lot Zillow estimate $225K
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Oh and I did more than just the lawn. Back and front looked like shit, no landscaping and over grown desert plants. Put pool in, about $6K worth of plants, grass, rock, mulch, irrigation. I used to do this kind of work for 10yrs.
Replastered walls.
Zillow (or any other big RE site) is not reliable for estimating the value of a home. Zillow market data is automatically collected from regional MLS systems and public records, and no details of the sale transaction are factored into the estimated value. Foreclosures, short sales, probate sales, estate sales etc are all lumped together with regular arms-length transactions. And any significant features get missed too...big view, RV garage, Barn, etc.
These sites exist to promote to promote real estate services....not estimate home values. I have an expensive Ad on Zillow! (not sure if its worth it yet)
Denizen,
(state licensed Real Estate Appraiser and Broker)
Thanks. So just go by comps then?
Zillow is not very accurate or up to date
I did the real-estate thing for a bit when I had $. Go by comps average - If you go by full average it will drop value way off. But, the foreclosures are going down quite a bit, around here @ least.
You're not going to get tight, reliable estimate value without getting the house appraised. It's hard to sort out the "comps" without the right information.Quote:
Originally Posted by JJ78
The next best thing is simply to monitor your neighborhood closely. When you see a real estate sign on a home similar to yours (i.e. square footage, lot size, year built etc), call the agent and get the details. Is it a regular sale? short sale? Foreclosure? What are the upgrades? etc. A good agent will be happy to chat with you. Do this with a few homes in the neighborhood and you'll have a really good idea of the value.
Also, suburban real estate markets made a large rebound in the past year. 30%+ in some areas. Demand was so much higher than Supply, that short sales and foreclosures had no impact on rising values. Which means if a short sale/foreclosure in your neighborhood is sold way under market, it won't have a significant impact. As for the future, inventories have recently stabilized after the big run up. So the real estate market is returning to a more balanced supply/demand. Prices should be stable for awhile.
(not to sound like mr. know-it-all LOL but I do Market Conditions Studies for a couple of banks)
I apreciate the advice. I have a friend back in Florida that does appraisals and he told me a long time ago how he formulates his appraisals. i.e comps, sq.ft, lot size, Bed/Bath I realize there are more factors than these, just trying to get a rough estimate.
Dont want to shell out $450 for the appraisal, until we get ready to sell, which might be soon. Cant beat a $40K-$50K profit in a little over a year. I personally am not emotionally attached to the home. I like it, but...
Thanks.
I'm glad that I've found this thread as it is helpful for me (though it is old). I'm going to buy a house for the first time, so I'm looking for some useful information. First of all, thanks for sharing your experience, guys! And I want to add that Zillow is still one of the most popular and repoutable sites, but there exist other good sources. I've recently been suggested to visit https://fodyo.com/. This is a great real estate marketplace that allows to find a property in every corner of the world, it is even possible to use a map or exact address when doing a search. Personally I found it to be convenient and useful. I shared this info in the hope it will be interesting for someone.
^ spam horse shit I smell
You won't get an accurate estimate without paying an appraiser to give it to you. They're like a mini-mafia, your house is worth what they say it is entirely because they say it.
Worth a shot, especially if you aren't in a hurry to sell.
One of the downsides is that you will be receiving phone calls from agents day and night wanting to list your house. :-)
Do you have a way to screen potential visitors for pre-qualification, and to weed out the people that are just casing the house to plan thefts? Do you plan to hold an open house? Do you plan to offer a commission to any agent who brings a buyer to you? Who will write your contract -- do you have an attorney/closing company? You should have strategies in place so you don't sound too naive when you get these questions.
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lawyer
I found this really great site that relieves stress and tension. Personally I found it to be convinient and useful. It allows you to search by country or worldwide. Its called pornhub.Quote:
Originally Posted by Frank777
Good gad most of your posts are ads.