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Old 03-01-2008, 04:09 PM
 
Location: Wake Forest, NC
1,032 posts, read 3,043,787 times
Reputation: 226

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Zillow.com is another great place to research homes/areas/prices/etc.

Would any real estate agents care to share their opinion of this site - is it indeed a good indicator of a homes value? They seem to date frequently - I don't exactly understand the "range" vs. "estimate."

I actually hope it isn't that strong an indicator, because our property keeps *dropping * - its dropped about $25,000 in the last six months, whats up with that?
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Old 03-01-2008, 06:02 PM
 
Location: Charlton, MA
1,384 posts, read 4,379,174 times
Reputation: 835
I love that website!! I'm not a real estate professional tho. I remember when I was looking to buy a house I would pull up this site & realtor.com at the same time. Zillow's price would be about the same or more than what the house was currently selling for.
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Old 03-01-2008, 06:04 PM
 
25,334 posts, read 37,463,648 times
Reputation: 13249
I guess almost all properties are dropping. I just looked on Zillow and saw my property and the value on their is higher than I expected. Which I don't believ I will get if I would try to sell it today.
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Old 03-01-2008, 06:07 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,096,673 times
Reputation: 952
Zillow is extremely inaccurate. The only way to get accurate market valuations is to look up the sales comparables, and in some cases the listed comps as well.
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Old 03-01-2008, 08:09 PM
 
Location: San Antonio
4,149 posts, read 9,110,853 times
Reputation: 3307
Zillow is worthless. It's a horrible judge of values.
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Old 03-01-2008, 09:24 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,670,408 times
Reputation: 3809
Zillow is not accurate and should not be used to determine price ranges.

As has been pointed out, the area comps (CMA) is the way to determine market value.
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Old 03-02-2008, 01:52 AM
 
Location: Triangle Area
93 posts, read 255,879 times
Reputation: 30
Default Zillow

I believe to everyone who said that the zillow is inaqurate and the prices shouldn't be believed on it. It is a reference book of houses that are on sale in an area and that is all what this site should be used for is to find a home and not to price a home. Zillow is a good source of information when it comes to the house. Please always use a professional to determine the value of house and not by the house of what it says on zillow.

I hope this was helpful.
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Old 03-02-2008, 11:15 AM
 
69,372 posts, read 53,591,148 times
Reputation: 9357
Quote:
Originally Posted by weluvwakeforest View Post
Zillow.com is another great place to research homes/areas/prices/etc.

Would any real estate agents care to share their opinion of this site - is it indeed a good indicator of a homes value? They seem to date frequently - I don't exactly understand the "range" vs. "estimate."

I actually hope it isn't that strong an indicator, because our property keeps *dropping * - its dropped about $25,000 in the last six months, whats up with that?
Its a good indicator of what properties have sold for recently, not really an accurate representation of what the properties are worth.
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Old 03-02-2008, 12:39 PM
 
Location: Raleigh, NC
11,791 posts, read 27,436,549 times
Reputation: 8114
Because I am an optimist...I keep checking zillow to see what my house is worth! I'm always amazed at how it goes UP one day and DOWN the other when nothing in my neighborhood is even for sale! Just where does zillow get this??? From surrounding neighborhoods, perhaps? Are they comparing my little house with the million dollar properties across the street or the small townhouses a few streets over?!! Silly zillow!
Oh yhea...since they took info. from Wake county's website, I should let them know that when we built the house, we changed the plans so the square footage is incorrect, as well!

Vicki
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Old 03-02-2008, 01:20 PM
 
77 posts, read 369,528 times
Reputation: 44
Zillow's zestimates are not accurate. They are based only on sale history; our home is very nearly identical to the one down the street built same time, same builder. That house has sold 4 times in the 6 years we've lived in ours so (imagine this?) their value is higher !! What a concept! The other thing I noticed is that the owner knew a bargain and jumped on it - 6 days after they closed I saw it for sale by owner on zillow for $113,000 more than what he/she paid! So, they got a bargain, recognized it, have now taken it off zillow (I suspect temporarily) and will likely put it back on again when prices go back up ! Called: FLIP this house, right? I do like zillow for checking out other information but do not particularly like how the comps and zestimates work.
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