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Old 04-15-2011, 09:04 AM
 
10 posts, read 28,881 times
Reputation: 10

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Hi all


I was tracking the prices of two exactly similar homes. they are both same models and in same neighborhood. Except that one is on a cul-de-sac with a bigger back yard. They both were purchased almost at the same time.

The one which is on cul-de-sac has its price keep going upward( within a period of one and a half months its value has been increased by $30,000)

The other one's price keeps going down( within the same one and a half month's period it lost $15,000).

Why is that? How does zillow value the homes? any idea? Does the cul-de-sac alone raises a home's value that much? Or are there any other factors involved?

Thanks a lot.
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Old 04-15-2011, 09:11 AM
 
958 posts, read 1,712,484 times
Reputation: 451
Zillow is totally inaccurate and just gives you something to look at fo rfun.
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Old 04-15-2011, 09:18 AM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,600,210 times
Reputation: 9975
It's the same way with my house. It keeps going down and houses on my street consistantly sell for $40-$50K more than the Zestimates. Apparently whatever arbitrary boundries they have drawn are not any more accurate than those walkability estimates
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Old 04-15-2011, 09:24 AM
 
Location: CLT native
4,280 posts, read 11,262,777 times
Reputation: 2301
Zillow, more of less, is just a random number generator.
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Old 05-28-2011, 02:03 PM
 
3 posts, read 5,670 times
Reputation: 10
Default livetofish

I feel quite negative about Zillow and would advise anyone to proceed with caution when looking at their figures. While it is a good place to start looking, it should not be the sole source of decision making. One would hope. In some cases zestimates are wildly innacurate giving potential buyers the wrong information on homes. The comparisons given are very misleading. While on paper and in net space they may add up, in reality they are a mismatch. In our case our home and amenities were compared with homes of lesser value with less to offer for the price. One potential buyer who described himself as a "negotiator by trade" used Zillow as his research source and then made a laughable offer. What do they know at Zillow that our realtor doesn't? Zillow doesn't even have our home priced at it's county tax assessed value and taxed assessed value is not the same as a sales market value.. It bother's me that potential buyers maydepend on Zillow to base offers. It is a tough time to sell right now, and Zillow isn't helping.
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Old 05-28-2011, 04:05 PM
 
Location: Charlotte, NC
11,839 posts, read 28,802,340 times
Reputation: 2809
I don't even bother with Zillow.
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Old 05-28-2011, 06:51 PM
 
Location: Mooresville, NC
1,865 posts, read 5,354,398 times
Reputation: 707
I hate Zillow! I looked at it today, just to see if a house in the community sold, and it had my house listed for $63K less than what we paid for it & $55K less than the tax value. Zillow will make you nuts!!
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Old 05-28-2011, 08:55 PM
 
3,319 posts, read 5,527,139 times
Reputation: 9681
Zillow is pretty much a joke. I would sell my house for the zillow price today! It is at least $50,000 overvalued. I am finding most homes in Charlotte are selling for 30-40% less than they were 4-5 years ago.
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Old 05-28-2011, 08:58 PM
 
Location: Union County
6,150 posts, read 9,971,742 times
Reputation: 5831
Zillow is "more accurate" in NC with public tax records - anyone can find out what house sold for what when. YMMV with Zestimates, but you can easily look at comparable homes in your neighborhood yourself.
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Old 05-28-2011, 11:57 PM
 
3 posts, read 5,670 times
Reputation: 10
The process was frustrating and we ended up taking our house off the market. There is too much of a downward trend in pricing right now. It's great for buyers though. For us, we were fortunate enough not to have to sell our home for economic reasons; we just wanted to move closer to family in the Southeast....It will just have to wait.
Thanks for the input.
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