Home Values Rising? (Minneapolis, St. Paul, Ramsey: sales, 2009, assessor)

[Clifford63]

Originally Posted by MNNative

So Clifford, you feel the Zestimate is a good representation of market value?

I wouldn't feel too bad, Camden, considering there are plenty of people who'd be grateful to have any "equity". I'm sure in this economy $32k is fantastic!

Our house is now over double what we paid in August 2008 - according to the zestimate. No complaints here. But I agree with you Camden, I'd have to wonder if someone would pay that much for our home today (not that we're selling). I also think we'd stand to make something, just be reluctant to assume that much.

It was accurate for our house when we sold last May. Lot of changes in the market since then and hard to say how well a free website can track all that.

I have an appraiser coming to our new house Wed so that might give me a better idea how accurate numbers are now. If zillow is even close, we should be in great shape for dropping our interest rate 1.25 percent. If not, it was worth checking into but we plan on being here for the long term so not a big deal if we took a hit on value in the short term.

[MNNative]

Originally Posted by Clifford63

It was accurate for our house when we sold last May. Lot of changes in the market since then and hard to say how well a free website can track all that.

I have an appraiser coming to our new house Wed so that might give me a better idea how accurate numbers are now. If zillow is even close, we should be in great shape for dropping our interest rate 1.25 percent. If not, it was worth checking into but we plan on being here for the long term so not a big deal if we took a hit on value in the short term.

Very true...but interesting that it can be accurate nonetheless.

You should report back after Wed and let us know how accurate Zillow was...for curiosity's sake.

[TimtheGuy]

My house has a Zillow value of $247k when the market value today is more like $200k.

3 doors down from me has a Zillow value of $231k. This house is actively listed and the price was dropped to $190k about 2 months ago and still no sale.

So, while Zillow is a pretty cool site, the values they give can be FAR from accurate.

[MNNative]

Originally Posted by TimtheGuy

My house has a Zillow value of $247k when the market value today is more like $200k.

3 doors down from me has a Zillow value of $231k. This house is actively listed and the price was dropped to $190k about 2 months ago and still no sale.

So, while Zillow is a pretty cool site, the values they give can be FAR from accurate.

Good insight.

[Clifford63]

Originally Posted by TimtheGuy

My house has a Zillow value of $247k when the market value today is more like $200k.

3 doors down from me has a Zillow value of $231k. This house is actively listed and the price was dropped to $190k about 2 months ago and still no sale.

So, while Zillow is a pretty cool site, the values they give can be FAR from accurate.

I agree that people need to be careful about putting info into perspective. In my case Zillow seems pretty close for my current home and my last home.

[MNNative]

Originally Posted by Clifford63

I agree that people need to be careful about putting info into perspective. In my case Zillow seems pretty close for my current home and my last home.

I suppose it all really boils down to what a particular buyer is willing to pay anyhow...

I've noticed that Zillow estimates seem to reflect the city assessor's market value also, give or take, (or is it county? whatever taxes are based off of...)...I don't know much about whether their estimates are accurate but that's interesting to me...Do they use the same process to determine market value?

[Clifford63]

Originally Posted by MNNative

I suppose it all really boils down to what a particular buyer is willing to pay anyhow...

I've noticed that Zillow estimates seem to reflect the city assessor's market value also, give or take, (or is it county? whatever taxes are based off of...)...I don't know much about whether their estimates are accurate but that's interesting to me...Do they use the same process to determine market value?

I talked to accessor yesterday. He said they are really having to provide a lot more data than they used to and there is a review as well. Part is last sale, part is what comparable homes are selling for, part is how much inventory is out there.

[BORGUSX]

Since Zillow have statistician that only use available public information,but you guys can update the information on your home if you register. I didn't register for my parent's home since I want my dad to do it since he want know more about the house.

Thank you for mentioning about Zillow since I never knew about it before this thread was posted.

For fun you guys just list the comparison of your home,but not your address thought since you don't want a creeper to come over,lol.

Last 30 days:$7,000 USD increase

• 80% of homes in 55344 ZIP code $235,500
• 52% of homes in Eden Prairie $311,000
• 73% of homes in Hennepin County $238,500
• 80% of homes in MN state $194,136
• 72% of homes in United States $206,574

By the way,if you guys know a good business to contact,so my parents' basement,garage,and attic can be completed,then message me,but please provide a link or something,so I can read the reviews.

[Sarah Maske]

Hi Friends,

Zillow is a pretty terrible reference to use for market value....sounds harsh doesn't it? I know some of you have had a good experience using it and have seen accuracy but in no way is it accurate on average or the majority of the time. I talk to people about that constantly and frequently hear "why does Zillow say our home is this when we sold for this or bought for that." Interestingly I looked at my house on here today and it's up 50% since '05 and I know that is not the case from a market standpoint because I do CMAs of my house regularly. Also, a foreclosure down the street is valued at $300K and that's not even close to list price (off by a couple hundred thousand). I see this all over the place...not just my area. I feel like Zillow is really not doing anyone any favors. But I can see where it might be fun to look at - just don't take it seriously.

S

[Camden Northsider]

Originally Posted by Sarah Maske

Hi Friends,

Zillow is a pretty terrible reference to use for market value....sounds harsh doesn't it? I know some of you have had a good experience using it and have seen accuracy but in no way is it accurate on average or the majority of the time. I talk to people about that constantly and frequently hear "why does Zillow say our home is this when we sold for this or bought for that." Interestingly I looked at my house on here today and it's up 50% since '05 and I know that is not the case from a market standpoint because I do CMAs of my house regularly. Also, a foreclosure down the street is valued at $300K and that's not even close to list price (off by a couple hundred thousand). I see this all over the place...not just my area. I feel like Zillow is really not doing anyone any favors. But I can see where it might be fun to look at - just don't take it seriously.

S

I was going to chime in a pretty similar statement (although I'm not nearly as qualified as yourself to do so Sarah!). Really I check it out to see if it might be capturing any trends in the local markets, but for the most part its figures and trends, at least in the past year or two, haven't compared at all to what I've seen in the local market in Mpls. It seems (from a very laymen's perspective) to have a higher accuracy rate when it comes to the more expensive/ exclusive areas of the Metro (which is why Clifford I think your zestimates have been pretty close to actual in SW Mpls and Mahtomedi), although I think it's questionable even then as it seems to rely heavily on tax-assessed and last sale value which similarly isn't reliable.

For instance, check out 3842 upton ave n on zillow, one of my favorite houses in the victory neighborhood (has us tempted to see if we could sell our own right now to 'move up' in this one). In 2004-2005 it could have easily sold for mid 300s if not more (the last sale in '04 was a very underpriced sale to a family member), and it's currently on the market now for $219K. Looking at the zillow chart for the past 5 years, in 2004 it shows its value at just above $200K and a rise to just above $250 in '05 before coming back down (which is way off/ undervalued), yet somehow in just the past month or two it's miraculously increased in value by about $60K or so to bring it up to $290K while it's actually on the market for $219K (meanwhile, in the past year our house, very close by, has decreased by about $20K?). Doesn't make any sense.