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The "Zestimate" is wildly inaccurate and extremely volatile. I've seen it fluctuate +/- $50k in the course of a month. Its a great idea but poorly executed.
I had my house on Zillow's "Make me move" for a few months to see the results. For the most part, people will price their houses 50% higher than their value when they post a MMM, but I posted it for just above market value. I received 1 email, and it was a scam.
I had my house on Zillow's "Make me move" for a few months to see the results. For the most part, people will price their houses 50% higher than their value when they post a MMM, but I posted it for just above market value. I received 1 email, and it was a scam.
But, a Prince from Nigeria really, really liked your home.
Has anyone looked at Zillow and seen what they have "Zestimate" your house at? Is zillow accurate? For gits and shiggles I look every now and then. In the past 6 months my house value, according the zillow, has dropped $40k. I live in a decent town where schools are in the top 10% in CT and homes are listed from $200k to $1.4m. How did it drop so fast so quick.
Meanwhile I look at a friends home in one of the worst cities and their home only dropped like $3k over the same time period.
Has anyone looked at Zillow and seen what they have "Zestimate" your house at? Is zillow accurate? For gits and shiggles I look every now and then. In the past 6 months my house value, according the zillow, has dropped $40k. I live in a decent town where schools are in the top 10% in CT and homes are listed from $200k to $1.4m. How did it drop so fast so quick.
Meanwhile I look at a friends home in one of the worst cities and their home only dropped like $3k over the same time period.
Is zillow accurate?
Z-Estimate is okay in a densely populated area.
If you're in a more suburban or rural environment, on the shoreline, or have a home that has special/unique features, then it's not very good.
Example - I know a friend who is neighbors to a home that went on the market in Westbrook earlier this year. The home was listed for $525,000, but the Z-Estimate was like $375,000. You'd think it was overpriced, but it was right on the water and they had multiple offers within a week and it ended up selling for a bit over list price, if I recall.
Yes lots of Zillow's information is incorrect, but I used it recently as a tool in my home search, we just closed on our house in Orange in July. We used a realtor to sell and then buy our home so we were getting the automated emails whenever a house hit the market and a houses status changed.
However, we would also use Zillow simply because the some of the details may be wrong but for 99% of the time the mapping information was correct as well the most important thing THE PICTURES. I would then compare the MLS listing with the Zillow to see if anything was wrong or not.
However, Zillow is a great tool it has everything in one application Pictures, Detailed Maps, Over Head Views from Bing/Google, tells how many times the house has been on or off the market and price changes (yes this can be inaccurate, but you can see if this "new" listing is just a relisted listing that appears new to a prospective home buyer.
Maybe if the MLS would develop their website to be more like Zillow and the like maybe people wouldn't use them to look for houses. The MLS in CT looks like a website from the 90's....
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