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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.
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.
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.
None.
You can pay attention to it after you buy the house when it adjust and it will still have little meaning.
Sold a house last year for $80K above what Zillow Estimated. It is now $15K above sold price.
Sold a house last week for about $75K above Zillow Estimated. Zillow shows the sold price and up the estimate about $15K.
What I know is they are consistent in estimating about the same low percentage in this particular market.
Zestimate was useless the other way for me. It said our house was right around 1 million. What a laugh! In the neighborhood in which we lived, it was not worth that much (and it hadn't been updated for quite a while). When we did sell, Zestimate was right around 900K, and we sold for 550K (by far the highest selling house in the area, but nowhere near the 900k!)
Another useless zestimate which makes people unnecessarily nervous. Appraiser, Realtor's comps, County real estate look up site...these are the sites you should use for info.
Is is possible to even pay too much for a house these days? Why would a house be listed as more than it should be?
A seller will generally list a house for as much money as they think they can get - and sometimes even more than that. 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.
Oh, and as everyone else said, Zestimates are meaningless. If they come close to the realistic market value, it's dumb luck more than anything else.
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