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Old 09-05-2013, 10:48 PM
 
871 posts, read 2,683,473 times
Reputation: 503

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Zillow is saying my home in Wylie has gone up in value by $30k in the last 30 days. It's rather insane how much it says my home is worth now. Is there anything to this? Usually Zillow values stay constant, and although I know homes near me are moving rather fast (7 days or less), it doesn't make Wylie a sellers market.

Is this typical Zillow BS or is there something specific going on that is causing this?

Thanks!!
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Old 09-05-2013, 10:56 PM
 
Location: Southlake. Don't judge me.
2,885 posts, read 4,634,220 times
Reputation: 3776
Yes, zillow is total BS, even moreso in Texas where there is non-disclosure (publicly) of home sale prices.
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Old 09-06-2013, 07:49 AM
 
Location: Prosper
6,255 posts, read 17,042,020 times
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Opinions vary. I personally think Zillow is usually very close, it definitely is in my area.

It doesn't really matter that TX is a non disclosure state. Zillow gets the listing price of all these homes, and typically the selling price is within 5% of the list price if you've got a good realtor who has prepared comps that are actually comparable.

If you watch a home over a length of time, especially in an area with lots of comps, you'll see the number come closest to the true approximation of value. My parents old home in Plano had a zestimate of $250k... the problem was that there were no decent comps around, no one was selling when they did. Their realtor listed for $305k, and it sold for $296k. After a few months, the zestimate started increasing as more homes in the area went on the market, and now it shows their old home at $285k. That's pretty close.

My own home is estimated at $300k... and sure enough, there's a house a couple streets over, with very similar specs, that is listed for sale at $310k. So if Zillow is off in my area, then so are all the realtors!

Where I think Zillow falls short is with higher end, more expensive homes of say $500k and up. I've seen some wild fluctuations in price on those. Partly it's because there's a much lower volume of sales in that range, but it still seems to be off to me.
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Old 09-06-2013, 07:53 AM
 
Location: Forney Texas
2,110 posts, read 6,450,052 times
Reputation: 1185
They dont even have half my neighborhood on zillow yet. Just empty lots. They must not update the satellite imagery often.
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Old 09-06-2013, 08:07 AM
 
Location: North Texas
24,561 posts, read 40,186,320 times
Reputation: 28548
Zillow is BS for my neighborhood.
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Old 09-06-2013, 09:03 AM
 
8,050 posts, read 3,619,484 times
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In my experience they get the trend correctly but the actual values are off. When prices were dropping they were showing a drop, but larger than the reality. Now that the prices have actually gone up, they reflect that (at least in my area) but the increase is much more than what it should be.
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Old 09-06-2013, 09:11 AM
 
Location: Dallas, TX
937 posts, read 2,900,997 times
Reputation: 320
I would sell my place in a heartbeat if I could get what Zillow shows as the estimate. But it's nowhere near close in my area.
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Old 09-06-2013, 09:13 AM
 
Location: Dallas, TX
2,825 posts, read 4,448,454 times
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Again like others have said it depends on the area. Ours is about 60K higher on the zestimate then what it would sell for.
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Old 09-06-2013, 11:22 AM
 
119 posts, read 247,231 times
Reputation: 121
Our house went up by 43k in the past 30 days according to Zillow. That'd be nice but yeah, I don't think so, even for a pretty desirable neighborhood.
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Old 09-06-2013, 11:46 AM
 
Location: Austin
7,244 posts, read 21,755,019 times
Reputation: 10014
It does matter that Texas is a non-disclosure state because they can't see what is going no with the actual sales price. Yes, homes might sell fairly close to their asking price as a sales price, but what is included in that sales price? How many thousands of dollars is the seller contributing back to the buyer to finance their closing costs? $2000? $5000? 6% because it's an FHA loan and allowed? That definitely affects values as you need to be able to see the net number of the actual sale, not the inflated number for the buyer to finance.
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