U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-06-2013, 04:08 PM
 
Location: Earth
794 posts, read 1,353,004 times
Reputation: 517

Advertisements

My home's "Zestimate" has gone up by almost $50,000 in last few months, is there any substance in this or as usual Zillow is making random changes?
Reply With Quote Quick reply to this message

 
Old 08-06-2013, 04:14 PM
 
55 posts, read 66,020 times
Reputation: 31
I am looking at houses and Zestimate is pretty close in most cases so far.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 04:16 PM
 
50 posts, read 82,280 times
Reputation: 54
I've found the zestimate has no basis in reality. I think they use a random number generator to come up with them. The zestimate for a terrible house down the block from us was about $75K too high, but everywhere else in the ZIP code it's $50-100K too low. Jokes aside, I guess they recognized the Dallas market is pretty hot. Maybe it's just especially inaccurate because sale prices aren't disclosed in Texas. It's a great idea in theory but terrible and misleading in practice.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 04:22 PM
 
258 posts, read 437,596 times
Reputation: 311
The Zestimate on our house has also gone up about $50k this year, but it's still nearly $100k less than what we paid for it a year ago. Yeah, it's a joke.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 04:22 PM
 
Location: Aurora, CO
6,180 posts, read 9,481,692 times
Reputation: 8877
Zillow's Zestimates are wildly inaccurate almost everywhere, but even moreso in Texas because of non-disclosure laws.

We bought our house here in Denver for $305k in 2011 and the comps put its market value right now around $360k, but Zillow's Zestimate is $250k.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 04:23 PM
 
Location: Frisco, TX
1,080 posts, read 1,166,063 times
Reputation: 1275
The listing for our house isn't even correct. We have 3.5 bathrooms, not 4. The estimate is probably a good 10,000-20,000 over what we could get for the house. But it's not too far off really.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 04:47 PM
 
Location: plano
5,968 posts, read 7,520,077 times
Reputation: 5024
Quote:
Originally Posted by stephwin View Post
The listing for our house isn't even correct. We have 3.5 bathrooms, not 4. The estimate is probably a good 10,000-20,000 over what we could get for the house. But it's not too far off really.
Register with Zillow and claim the home and you can correct errors like this.

I think zillow usually gets the price direction and price trend correct but can be off in absolute price at times. Zillow has my home $75k below my neighboring home even though we are in the same development, same age and my home is larger. I am in a different section of the neighborhood as it was platted, I think that may be why the prices are different but looking at the homes from a market standpoint ther is no difference in my view.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 05:32 PM
 
Location: Prosper
6,268 posts, read 12,150,887 times
Reputation: 9331
If your neighborhood has had a lot of recent sales, then the zestimate tends to be pretty darn close. Typically, most homes are selling within 5% of the list price, if you've got a good realtor who has pulled realistic comps. So since Zillow obviously gets the asking price, their zestimates are pretty close around that area.

In an area with a steady amount of sales, like mine, the zestimate is close, but a little low. In my parents old neighborhood in Plano, there were few houses selling last year when they put theirs on the market. Zestimate was 50k less than what they sold for, but after they listed it, zestimates of their home and neighboring homes went up, and now it's only 12k less than what they sold for.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 06:12 PM
 
55 posts, read 66,020 times
Reputation: 31
Homes that I mentioned in the other thread, have lower Zestimate than listing price and recent sales.
Reply With Quote Quick reply to this message
 
Old 08-06-2013, 08:46 PM
 
1,637 posts, read 3,482,581 times
Reputation: 1020
My house sold recently for $30k over the zestimate.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top