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Old 09-05-2013, 10:48 PM
 
864 posts, read 2,264,450 times
Reputation: 488

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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.
2,810 posts, read 3,566,916 times
Reputation: 3600
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
6,268 posts, read 12,109,796 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
2,119 posts, read 5,488,500 times
Reputation: 1168
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
23,599 posts, read 31,152,740 times
Reputation: 26668
Zillow is BS for my neighborhood.
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Old 09-06-2013, 09:03 AM
 
1,526 posts, read 843,664 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
887 posts, read 2,487,453 times
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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
2,828 posts, read 3,387,228 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 205,200 times
Reputation: 120
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
7,077 posts, read 16,893,484 times
Reputation: 9484
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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