Zillow
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Zillow (by Steve [OH]) Feb 13, 2018 8:56 AM
       Zillow (by Carolyn [MO]) Feb 13, 2018 9:09 AM
       Zillow (by NC INVESTOR [NC]) Feb 13, 2018 9:37 AM
       Zillow (by Frank [NJ]) Feb 13, 2018 9:37 AM
       Zillow (by NC INVESTOR [NC]) Feb 13, 2018 10:31 AM
       Zillow (by Amy [MO]) Feb 13, 2018 10:39 AM
       Zillow (by cjo'h [CT]) Feb 13, 2018 11:19 AM
       Zillow (by Frank [NJ]) Feb 13, 2018 11:22 AM
       Zillow (by S i d [MO]) Feb 13, 2018 11:25 AM
       Zillow (by NC INVESTOR [NC]) Feb 13, 2018 11:41 AM
       Zillow (by Landlord ofthe Flies [TX]) Feb 13, 2018 11:46 AM
       Zillow (by Barb [MO]) Feb 13, 2018 1:33 PM
       Zillow (by WMH [NC]) Feb 13, 2018 4:56 PM
       Zillow (by WMH [NC]) Feb 13, 2018 4:56 PM
       Zillow (by Gene [OH]) Feb 14, 2018 6:56 PM
       Zillow (by Ray-N-Pa [PA]) Feb 15, 2018 2:38 PM

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Zillow (by Steve [OH]) Posted on: Feb 13, 2018 8:56 AM
Message:

How accurate do you think Zillow is? A couple of my properties have increased in value quite a bit recently, according to them. It would be nice if it's true. I'm in Columbus and ready to start selling.

--75.187.xx.xx




Zillow (by Carolyn [MO]) Posted on: Feb 13, 2018 9:09 AM
Message:

My experience has been that Zillow is not at all accurate - much higher in some cases and much lower in others. With Zillow and Redfin and the like, be sure to take advantage of being able to submit extra information that may impact the estimated value a lot. I helped someone update things on a property that was estimated way too low. After corrections such as 4 bedrooms instead of 3, 2 bathrooms instead of 2, etc. the estimated price was increased a lot. --136.33.xx.xx




Zillow (by NC INVESTOR [NC]) Posted on: Feb 13, 2018 9:37 AM
Message:

It depends on the market. I'm a Realtor and have access to every market for CMAs and for the most part Zillow is accurate. The way to check is to look at recent sales and compare them to your neighborhood and surrounding within 1 mile. You need to compare SF, amenities, DOM, asking vs. sale price, how many price drops, etc. And look at the pix of the recently sold to compare to yours.

You should also Google your inventory. A balanced market has 6 months of inventory, both resale and new construction. Anything under 4 months inventory will tell you that prices will hold steady or rise. Under 3 months and prices will increase. But remember a house has to appraise and that can include factors that may not be readily apparent in the listing description.

Redfin sales are within 3.5-4% of actual sales for rough estimates.

Look at the Columbus Board of Realtors. They have the stats by month for every county and pricing based on sales and new listings. If the new listing prices are lower remember prime selling season doesn't really begin until late March. --71.75.xx.xx




Zillow (by Frank [NJ]) Posted on: Feb 13, 2018 9:37 AM
Message:

From what can tell around here, the metric is based almost entirely on sq. ft. Of course Zillow cannot see inside a home or have any way of knowing what it is all about due to the conditions specific to a given property.

So.....essentially, unless YOU KNOW exactly what the properties are that make up your market then utilizing their #'s is not the right thing to do.

Either get a couple of fee CMA's from local Realtors OR get a fee appraisal. Unless I was really confident in my #'s I would go with the fee appraisal. Especially if your buyers are going to have to go get financing.

--74.105.xxx.xx




Zillow (by NC INVESTOR [NC]) Posted on: Feb 13, 2018 10:31 AM
Message:

Frank:

when you put in your address in Zillow and do a list of recent sales it will show you comparable properties in your area. Most of the numbers are actually based on recents and location rather than SF which is why they clearly show the cost/SF.

I agree though that for real numbers he should call a few Realtors to come in with some pricing suggestions.A good Realtor knows what is selling and at which price point which is why it's important to get one that knows your specific area. Sure there are some that will hike the price but the seasoned pro's just want to sell and get you as much as is realistic. I generally hesitate to recommend that on this site since many seem wary of Realtors.

--71.75.xx.xx




Zillow (by Amy [MO]) Posted on: Feb 13, 2018 10:39 AM
Message:

I agree with Carolyn. However, Zillow is good for knowing if your area is increasing or decreasing in value. It's important to know if the values are areawide(similar style, crime rate, school value, etc), or like in our case, very pocketed. Highly covered neighborhoods next to crime-ridden areas.

Buyers not familiar with the market may look at Zillow as a guide and believe it, so it's important to take the Zestimate into consideration anyway, realizing that it may hurt or help your sale. If it is going to hurt the sale, I believe you can request the Zestimate to be hidden. --136.32.xxx.xxx




Zillow (by cjo'h [CT]) Posted on: Feb 13, 2018 11:19 AM
Message:

It's like anything else,always take with a grain of Salt ,preferably Sea Salt....................................................................seems the go now.................................. --174.199.x.xxx




Zillow (by Frank [NJ]) Posted on: Feb 13, 2018 11:22 AM
Message:

NC Investor: thanks. As to the Realtors, that's the rub. Most lie, almost as often as tenants. I am also a card carrying "R".

Most folks only wanna hear what they want and go with the "sky-hook" then bash the Broker when the deal does not happen or worse yet, is tied up with BS Buyers that fails to close.

With al;l that there are some pros, that donot mess around and I know and respect a few of them.

Right ater posting I went to the local Zillow site and found that our area, despite lots of comps are not as accurate as they could be as most people do not pay close enough attention.

Like selling in Ebay [a place that we are very familiar with]. So many of th un-informed love to say "well, thats what ITS GONG FOR on the internet.

When we try to qualify that statement of course they do not konw what they are talking about.

I see the exact same dynamic at play with Real Estate

--74.105.xxx.xx




Zillow (by S i d [MO]) Posted on: Feb 13, 2018 11:25 AM
Message:

In my area Zillow wildly off the mark for any property 10+ years of age. Doesn't take into account any changes, most of which are hidden. Zillow still thinks my house is a 3/2/2 and still values it too high. It's really a 4/3/2. If Zillow knew that, it would be even more out of whack.

It says my 2/1 house I bought last year for $14K is worth $52K. All I did was paint it and replace a bathroom floor. Talk about "value added"! ;-) It's probably taking into consideration that I've dumped $20-$30K into rehabbing it, so maybe it's more of an ARV estimate than actual market price.

This is one time it pays to really know your market through doing your own research and/or paying a Realtor for a BPO. Have them pull all comps within 1/2 mile that have sold in the last 30/60/90 days (broken out like that). A competent agent should be able to do that in an hour or so. $100-$150 would be a reasonable fee in my town. --173.17.xx.xx




Zillow (by NC INVESTOR [NC]) Posted on: Feb 13, 2018 11:41 AM
Message:

FRANK: Part of it is the seller and part Realtor. If a seller meets with 3 listing agents the one that tells them the highest number will get the listing even though they know it's not doable. And sellers always think their home is worth more than a buyer thinks it is. The hardest thing to explain to a seller is your house is only worth what someone is willing to pay for it.

As for Zillow's accuracy. Agreed it can be wildly off or close to the money. And yes you can have the zestimate removed...they allow that now since they are being sued.

--71.75.xx.xx




Zillow (by Landlord ofthe Flies [TX]) Posted on: Feb 13, 2018 11:46 AM
Message:

One year, my personal residence had two zestimates on it. Zillow showed two icons on my property. Both had different values. So, I doubt it's accurate, but it is predictable. If it's high, it's usually high across the entire area. --108.69.xxx.xxx




Zillow (by Barb [MO]) Posted on: Feb 13, 2018 1:33 PM
Message:

Zillow also doesn't take into account the area in my case. My home is on a lot that is zoned R3, within WiFi distance of the campus. I've had a few offers on it over the years that are way over the current Zillow value - for a tear down. The offers weren't enough to get me to move, but they were offers.

Additionally, it doesn't take into account work done. My home had major renovations done in 2000-2001. Zillow is still going by what the home was last listed for. At the time, it was a 3/1. Now, it is a 4/2 with a second story master suite.

--131.151.xx.xx




Zillow (by WMH [NC]) Posted on: Feb 13, 2018 4:56 PM
Message:

Zillow can't even FIND my house, so no, I don't trust them for value. --50.82.xxx.xx




Zillow (by WMH [NC]) Posted on: Feb 13, 2018 4:56 PM
Message:

Zillow can't even FIND my house, so no, I don't trust them for value. --50.82.xxx.xx




Zillow (by Gene [OH]) Posted on: Feb 14, 2018 6:56 PM
Message:

Steve, I am also in the Columbus area. My houses are primarily in Class A & B neighborhoods. Zillow's prices for those houses are a little high but not necessarily unreasonable.

You can use the Franklin County auditor's website to see the recent sales in your neighborhood and find the house(s) which are similar to yours. That will give you the best indication of the value.

You can use Zillow to look at the pictures of the sold houses when they were listed to see if your house is similarly updated. Steve, are you a member or have you ever thought about joining COREE (Central Ohio Real Estate Entrepreneurs)? --99.165.xx.xxx




Zillow (by Ray-N-Pa [PA]) Posted on: Feb 15, 2018 2:38 PM
Message:

They are worth the price that you pay for them.......and since they are free that says a lot --24.101.xxx.xxx



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