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Old 11-06-2018, 07:44 AM
 
1,040 posts, read 759,974 times
Reputation: 1646

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Quote:
Originally Posted by Piney Creek View Post
That's one reason. A bigger one is Zillow is off wrong, sometimes by a huge amount. It gives unrealistic ideas of what a home might be worth. I've seen this happen in my own family. My brother has a house in Fairfax County that Zillow claims is worth more than $1 million. It's driving his realtor crazy because he won't listen to reason as far as what a reasonable price would be (more like $650K). He refuses to go that low because Zillow made him think it was worth a lot more, and in the meantime he wonders why it's taking so long to sell his house.
Yeah, it leaves a lot of things out of the equation.

I've also seen some realtors try to game zEstimates by posting an insanely high asking price, which causes the zEstimate to go way up, then drop it a week later to the actual selling price.

Definitely needs to be looked at with a discerning eye.
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Old 11-06-2018, 01:38 PM
 
585 posts, read 448,954 times
Reputation: 783
Quote:
Originally Posted by Piney Creek View Post
That's one reason. A bigger one is Zillow is off wrong, sometimes by a huge amount. It gives unrealistic ideas of what a home might be worth. I've seen this happen in my own family. My brother has a house in Fairfax County that Zillow claims is worth more than $1 million. It's driving his realtor crazy because he won't listen to reason as far as what a reasonable price would be (more like $650K). He refuses to go that low because Zillow made him think it was worth a lot more, and in the meantime he wonders why it's taking so long to sell his house.
I lived in FX County and I've done a lot of research on zillow in FX Co. I've never seen anything like you describe. 1,000,000 vs 650,000
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Old 11-06-2018, 07:00 PM
 
Location: Williamsburg, VA
1,760 posts, read 798,218 times
Reputation: 3639
Quote:
Originally Posted by lovnova View Post
I lived in FX County and I've done a lot of research on zillow in FX Co. I've never seen anything like you describe. 1,000,000 vs 650,000

I'm not sure how you would see something like this on Zillow. That's one of the problems with relying on Zillow. In my brother's case, what happened was two houses across a very busy street sold for $1 million last spring. They were unusual properties, and one side of the street is different from the other. But suddenly Zillow rated all properties on both sides of the street as being valued that much. In reality, no buyer will pay that, but Zillow doesn't care about things like what buyers are actually willing to pay for a house. They'll only change the "worth" of the other houses after one of them actually sells for the lower amount. If there are a lot of properties for sale in a neighborhood, things might balance out. But in his case there aren't a lot for sale (in fact, no other houses for sale) so the valuation has remained artificially high. He wants to believe Zillow, because who wouldn't. But sooner or later he is going to have to face a hard truth.
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Old Yesterday, 11:09 AM
 
585 posts, read 448,954 times
Reputation: 783
Quote:
Originally Posted by Piney Creek View Post
I'm not sure how you would see something like this on Zillow. That's one of the problems with relying on Zillow. In my brother's case, what happened was two houses across a very busy street sold for $1 million last spring. They were unusual properties, and one side of the street is different from the other. But suddenly Zillow rated all properties on both sides of the street as being valued that much. In reality, no buyer will pay that, but Zillow doesn't care about things like what buyers are actually willing to pay for a house. They'll only change the "worth" of the other houses after one of them actually sells for the lower amount. If there are a lot of properties for sale in a neighborhood, things might balance out. But in his case there aren't a lot for sale (in fact, no other houses for sale) so the valuation has remained artificially high. He wants to believe Zillow, because who wouldn't. But sooner or later he is going to have to face a hard truth.
price vs actual value.

Sorry, but that sounds far-fetched to me. Even far Zillow
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Old Yesterday, 05:21 PM
 
Location: Williamsburg, VA
1,760 posts, read 798,218 times
Reputation: 3639
Quote:
Originally Posted by lovnova View Post
price vs actual value.

Sorry, but that sounds far-fetched to me. Even far Zillow

That's ok, I can't blame you for feeling that way. If it hadn't happened to somebody I know I wouldn't have believed it either.
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Old Today, 04:28 PM
 
151 posts, read 132,749 times
Reputation: 65
I do not speak for any other Realtor....only myself. I do not use Zillow for any information because if Zillow personnel have not been in your home to see improvements and items that appraisers use to determine value, why should I believe zestimates? Zillow uses public records for sales and sales price per square foot to determine comparable prices. But again, without knowing the condition of the home, their appraisers can hardly be accurate. One last input....there are some people who will sell for less than their home is worth for personal reasons. Not often but it does happen. This again would negatively impact a Zillow estimates.
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