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I am looking at a house that is a 'flip'. It's a little off putting because the zestimate is like 320k and the asking price is 380k. Apparently it's because the new renovations haven't been included yet. How much attention should one pay to a zestimate? i've heard they are often inaccurate.
What did Zestimate tell you when they looked at the house?
'You should be working with a real estate agent who can give you a market analysis based on the recently sold comps in the area. That's how you know if the listing price is realistic or not, and how much you can reasonably offer for a house you are interested in.'
I am. The thing is some of the houses in the neighborhood are in not so great condition (old, no updates) and this one is a flip so it has everything new...also has a big yard which many of the other houses in the 'hood do not. So it should be more than the other homes in the neighborhood. It's just hard to say how much more.
On another hand, I've noticed that a friend of mine's zestimate seems to be crazy high. I am in the boston area, prices here are high, but some of the zestimates do not seem right
Lots of real estate folks hate zillow. Unreasonably so. They will take every opportunity to bad mouth it as they see it as competition for their jobs. The reality is-if its got a good selling history its usually not a bad estimate. But by estimate, that means +-10%! Get a appraiser to do an estimate. Zillow does better in some areas then in others. In my case it matched the appraiser within 1%. But what I actually paid was 10% less.
Public data are fed into the Zillow algorithms. If the public data are not up-to-date then the Zillow estimate will be sometimes widely different than the sold prices end up being. You cannot blame Zillow for that.
All 'real' prices are local and reflect what is happening with exactly that property, in exactly that neighborhood, in exactly that part of the town. I think smart purchasers keep their eyes on what is going on for several months in the home's area in general. Properties around here near Raleigh might go for two or more times the Zestimate, depending on who wants them and how they fit a unique requirement list for the buyers. Developers are driving the prices way up.
On another hand, I've noticed that a friend of mine's zestimate seems to be crazy high. I am in the boston area, prices here are high, but some of the zestimates do not seem right
Zestimates are still useless, rinse repeat.
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