Zillow lists my house at about 30% more than I'd guess. Don't want to talk with realtors, as I find them to be parasites.
So, any guess to accuracy?
Zillow lists my house at about 30% more than I'd guess. Don't want to talk with realtors, as I find them to be parasites.
So, any guess to accuracy?
Notoriously overesimates
So my plywood box isn't worth $1.1 Mil? What a let down.
Already started sucking the equity out.
As prices rise, the bias seems to be towards low zestimates.
"Generally, Zillow’s predicted market value is not any better now than it was 18 months ago. The Zestimate is within 5 percent of the actual sales price roughly half the time. In September 2012, the Zestimate was just as likely to be too low as too high; now, it is roughly twice as likely to be too low."
For what purpose do you care if their estimates are accurate?
The real value of something is what somebody is willing to pay for it. There is really only one surefire way to figure that out. everything else is an approximation.
Pretty much what Mr.Obvious said. What your house is "worth" and what someone will actually pay for it can be wildly different amounts. Zillow is good for getting a rough idea.
I just had my house reappraised for my refinance. Zillow estimated $178k, the appraisal came back at $172k.
Not sure about the list price, but the estimated mortgage payment price is usually way off - too low.
I would argue that your house is worth exactly what someone will pay for it.
TAA wrote:
Pretty much what Mr.Obvious said. What your house is "worth" and what someone will actually pay for it can be wildly different amounts. Zillow is good for getting a rough idea.
speakingfortheflag wrote:
I would argue that your house is worth exactly what someone will pay for it.
TAA wrote:Pretty much what Mr.Obvious said. What your house is "worth" and what someone will actually pay for it can be wildly different amounts. Zillow is good for getting a rough idea.
Would you argue the same for businesses and stocks?
The Wall Street Journal did a pretty good article on this about 5 years ago.
Basically between ZIllow and Trulia (now the same company), Homes.com and Realtor.com, prices can differ widely.
Here is the article:
http://www.wsj.com/articles/SB10001424052970204554204577026131448329006
I am going to be blunt with you guys...none of these companies REALLY care what your home is worth. It's all about SEO Rankings, linkage and additional pages for Google to crawl (think about it...90+ million listings is some damn good seo value). It's also about trying to get you to fill out that CMA form where your information is sent to the 3 agents that pay for that spot so they get the lead.
Zillow in our area does have sales price information. If you want true value, find some homes in your neighborhood that are roughly similar and see what they sold for in recent years ("comps"). That's what a realtor would, or should, do.
I think the Zestimate links your tax appraisal to recent comparable sales in your neighborhood. I had successfully challenged my tax appraisal year after year, keeping it very low. My neighbor down the street had not done the same and their tax appraisal for comparable sized house was about 25k higher than mine (~275k vs 250k). Their Zestimate was $315k and mine was $290k. We both sold our houses around the same time. I listed my house at $320k and they listed theirs at $350k. Mine sold for $320k after 4 weeks on the market, theirs sold for $310 after 12 weeks on the market.
I don't know the formula but there's clearly a disconnect at some level.
My home has a Z-estimate of $240k, which is close to the sales price (we bought for $220k a year ago, but it was in pre-foreclosure and under-priced).
The house next door is smaller, single story, no basement, etc, and has a Z-estimate of $232k -- only $8k less than my place. That house is maybe worth $165-$170k on the open market.
My experience - Zillow is too low on estimates. And esp. with any house that has had any work or updating done. Add 10% in general….
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