Zillow "Estimate" vs Appraisal
just_janni
6 years ago
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what do you think about Zillow?
Comments (7)You also have to take into account whether you're actually looking at the correct house in question. Our whole street is numbered wrong, even after I claimed my house and moved the marker; it is not right. The funny thing is Zillow says it gets it's info from 3 sources all of which show my street correctly. The next thing was the "Zestimate" of our house which really ticked me off. Here is a handy mans special across the street "Zestimated" more then ours :( ... the house next door sold a year ago, they did not move in for a "good" 6 months, yet that house is also "Zestimated" above ours. It's a close comp to ours but is much smaller. Neither of these houses have central air, new furnace, roof, hot water heater, windows (I'll stop, sure you get the drift). I don't doubt buyers have been looking at our Zillow page as we've had a lot of views. I ended up spending some time there and was able to bring our Zestimate up by entering our updates. Hopefully now that we're ready to sell it will help. I wouldn't put too much trust in Zillow or any of these sites that get general information from tax records. As was mentioned the best way to find what you should offer is to have an agent run comps. Once you make an offer and agree on a price, an appraiser will come out; hopefully it will appraise correctly....See MoreHow accurate is Zillow??
Comments (9)"If they hit the correct number it is as much by accident as intent." I don't think that is fair. If you live in an average house, in an average area, with lots of recent sales, then the averages zillow kicks out will be pretty close to your home's value. That is just how averages work. If you neighborhood has a wide range of house sizes, lot sizes, renovations, etc or if your immediate neighborhood is substantially different from the surrounding neighborhoods, then that "averages" don't make much sense to look at. Basically, by definition, if your house isn't average, then the average price doesn't apply....See MoreQuestion about Zillow
Comments (10)I can't seem to make heads or tails of Zillow. The house beside of ours is priced $65,000 less than the exact same house around the corner. Both are located on cul-de-sacs. Both have deeded boatslips. Both are three car full brick homes with the same floorplan. However the one which is priced less has a full basement! Go figure...didn't realize that a walk-out basement could actually devalue a home. The only difference is that the one that is priced higher just sold about 9 months ago and Zillow has its estimated value the same as the sales price. I wonder why it doesn't believe that the other house would sale for a similar price? It seems that in my neighborhood nearly every house is priced about $100,000 less than what they are selling for. Could that be because we are on a lake and Zillow doesn't care about that? The other houses in our zip code are rural and usually sell for $300,000 less than the lake neighborhoods, but of course this brings down the zip code average price....See Morezillow.com and trulia.com Accurate?
Comments (26)Let's see...Zillow is either totally worthless or pretty accurate. Actually, it's in-between. It's a good reference point that may help you get an idea of how your house is doing relative to the market. Zillow is a computer database of information which is pieced together to give an approximate value. For me, it has been pretty accurate over the last 5 years I've checked it; for others, it may or may not be. Why expect Zillow to be totally accurate when two appraisers can't even agree on the value of a house, or when different buyers have different ideas? People get very emotional about their houses and anyone's valuation of it. If you see Zillow as a useful tool, rather than a threat to your sense of what your home's true value is (whatever that means), you'll be happier with it....See Moregthigpen
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