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Zillow.com ? What the heck! :O/ In the last two days my house has decreased by $47,000? It was 52% higher 3 weeks ago! If thats accurate I'm bediddled! :O/ What's up Zillow! Check recently sold propreties before you believe!
It depends on the area. Each Market is different an is forever changing day to day. It comes down to the buyers. What they are willing to pay. Check sales in the area of intrest for the past 2 months. The typical time used is 6 months. But in this shifting market, the changes are more frequent.
If you want accurate information regarding local real estate prices, which homes are actually on the market, local market trends & conditions, not just ball park figures, consult a real estate professional that is local.
I will say the trolls on the forums of Zillow can be entertaining.
In my area, it's very inaccurate. I think the info is from tax records, so when you combine a neighborhood where the tax values are way above actual market value with an algorithm showing prices increasing where they've been decreasing, it's way off. A lot of the homes on my street, including my own, have "Zestimates" over twice what they are worth.
The prices for the sold homes I have found are accurate, so you may want to use those, if there are any nearby and comparable to your own home, to get a rough idea of what it may be worth. Of course, it also doesn't account for situations there - the ones I'm thinking of are a foreclosure and a FSBO that sat on the market for over 4 years until the owner's ex-husband bought it to stop her from going into foreclosure.
Whats up with Zillow? My home droped 80K in just two weeks! ???????
Your home did not drop $80K in two weeks.
Zillow dropped your Zestimate $80K over two weeks.
That is two separate topics.
But, Zillow is not a real estate site. It is an advertising site in a fantasy world and should be disregarded.
In towns where their Zestimates are within 10% of market sales, they award themselves 4 stars for accuracy.
They can be off by 25% and still award themselves 2 stars.
I agree with Mike that Zillow is useless. Want to know how much your home is really worth ? Call 2 really good agents in your area and ask their opinion.
If you go with Zillow you might as well get a dart board and chunk a few darts at prices. You're luck will be about the same.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,307,357 times
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Quote:
Originally Posted by Rakin
I agree with Mike that Zillow is useless. Want to know how much your home is really worth ?
LOL. I'd much rather take Zillow's Zestiguess on my own home. I'm only hoping that they will pay me what they say my house is worth. I'll be happy to do the transaction for $1 commission. They do have an out, the range in value is from 205K to 413K.
I'm a little bit shocked to realize zillow is much more accurate on my house than Realtor.com is. Zillow is within 2% of my recent market appraisal and shows the last date of purchase. Realtor.com does not show the last purchase and gives an estimate that is about 40% less than the appraisal value.
So is the moral of the story not to trust any online source?
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