Greensboro: home current market value? (estate, homes, agent)

[d_Random]

Zillow.com has recently added "Zestimates" or their estimates of current market value of homes in Greensboro. Would you say that these estimates are fairly accurate?

[ibeg4sushi]

WOW! What an incredible website! Holy cow! thanks so much for posting this. YOU my dear are getting some positive reputation points!

[SunnyKayak]

you might want to check out this thread How accurate is Zillow??

[d_Random]

Thanks ibeg4sushi! Glad I could be of help.
If you ever visit Greensboro, Osaka's Sushi Bar has the best sushi in town!

Originally Posted by ibeg4sushi

WOW! What an incredible website! Holy cow! thanks so much for posting this. YOU my dear are getting some positive reputation points!

[d_Random]

Thanks for the link SunnyKayak. I have read about some complaints about the Zillow estimates in other areas. Greensboro just got the 'Zestimate' feature, I was wondering if anyone in the Greensboro area would care to comment on the accuracy.

Originally Posted by SunnyKayak

you might want to check out this thread How accurate is Zillow??

[yourhometriad]

I would say that Zillow is either right on the money or nowhere close. It will occasionally pull sales from areas that are close by but are not even the same neighborhood where the price changes dramatically. Even tho they are close.

What you need is an appraiser or a Comparative Market Analysis by a realtor to get an accurate idea of what homes sell for and, MOST importantly, how long it took. Sometimes getting $5000 or so more by sitting on the market for 6 months makes no sense when you have a $1500 a month mortgage payment eating that up. So to get the full story, you need an appraisal or a CMA from a Realtor.

Good luck!

[d_Random]

Thank you yourhometriad. I guess there is no free lunch.

[yourhometriad]

Originally Posted by d_Random

Thank you yourhometriad. I guess there is no free lunch.

well, you get what you pay for. A current appraisal will not only give you fair market value but will show the comps used to determine the value of your home, including photos & accurate measurements. A Market Analysis by an agent will show the neighborhood comps for the last year, including photos, and agents usually won't use comps built by a different builder or in another phase unless it applies.

Good luck!

[ibeg4sushi]

I guess a source is only as good as its facts! Thanks for clearing that up guys.

[d_Random]

But you could collect comps from Zillow and make your own judgement on price. I think the problem I see is that it collects data from not like-kind neighborhoods. Just a guess.

Originally Posted by yourhometriad

well, you get what you pay for. A current appraisal will not only give you fair market value but will show the comps used to determine the value of your home, including photos & accurate measurements. A Market Analysis by an agent will show the neighborhood comps for the last year, including photos, and agents usually won't use comps built by a different builder or in another phase unless it applies.

Good luck!