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Old 01-24-2008, 01:58 PM
 
Location: California
18 posts, read 66,165 times
Reputation: 12

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Wife and I are contemplating a move. Zillow estimate shows a value that would pay off the mortgage, pay for selling expenses and leave me with a very small portion left over. I try to take everything I see on the web with a grain of salt, but if the estimate is close to accurate I may go for the move. If its over inflated then we are not going anywhere. What has been your experience??
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Old 01-24-2008, 02:09 PM
 
Location: Wouldn't you like to know?
9,028 posts, read 14,395,830 times
Reputation: 3605
Consensus on this board is thumbs down on Zillow estimates. Wildly inaccurate on the high and low side. You can get comps on recent solds from them or cyberhomes dot com. However stay away from the estimates!
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Old 01-24-2008, 02:12 PM
 
353 posts, read 1,185,999 times
Reputation: 164
From what I compare in my area, Zillow hits it right, but maybe it is because they get better information. A lot of times, the sq. ft. is wrong on zillow and they allocate a $/sq. ft - so it all depends - but for the homes in my area, zillow usually gets it right.

The best way to know the current market value for your home is to get a good realtor in your area to come buy and assess your home. They will look at recent sales in the area and compare to your home. Our agents gave us a price based on recent homes sold in the are etc. and it was in the range of zillow as well.
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Old 01-24-2008, 02:41 PM
 
9,484 posts, read 24,966,530 times
Reputation: 9421
Quote:
Originally Posted by CouponJack View Post
Consensus on this board is thumbs down on Zillow estimates. Wildly inaccurate on the high and low side. You can get comps on recent solds from them or cyberhomes dot com. However stay away from the estimates!
I agree. My modestly priced neighborhood is next to a neighborhood with homes two times as expesive. Everytime a house sells in the expensive neighbiorhood zillow seems to use it as a comp for my house and my z-estimate goes up. As much as I love my house, Houses in the expensive neighborhood are in no way comparable to my house. I have seen zillow overestimate the value of my home by more than 10-15% at some times.

It is fun to look at, but I don't trust it all and I would never base an important decision off of the information gathered off of that website.
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Old 01-24-2008, 02:42 PM
 
Location: The Big D
14,874 posts, read 34,080,415 times
Reputation: 5787
Zillow is a joke. In my area it is TOTALLY off. I've seen VERY FEW be even close. When I was talking to our mortgage broker yesterday I asked him HIS op of zillow........... he laughed. I do get a kick out of looking at it every now and then. I have even "do you own this house" and corrected the misinformation they had. Still puts the "zestimate" they have WAY OFF! If it REALLY does go up to what they say right now on there I just might sell.
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Old 01-24-2008, 02:43 PM
GLS
 
1,985 posts, read 4,498,520 times
Reputation: 2387
Quote:
Originally Posted by sjrep View Post
Wife and I are contemplating a move. Zillow estimate shows a value that would pay off the mortgage, pay for selling expenses and leave me with a very small portion left over. I try to take everything I see on the web with a grain of salt, but if the estimate is close to accurate I may go for the move. If its over inflated then we are not going anywhere. What has been your experience??
I check my home value on Zillow every once in a while. When they estimate a drop in value, clearly they are in error. On those occasions where it is wildly inflated, I consider them totally accurate.

There is no substitute for researching good comps in your neighborhood.
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Old 01-24-2008, 02:47 PM
 
Location: Rockland County, NY
110 posts, read 430,790 times
Reputation: 33
I agree with all! I am a realtor and we get the most recent sales in the neighborhoods everyday on our MLS. Also keep in mind that a current market price is based on the style of the home, # bedrooms, sq ft etc. If you have a unique home and comps cannot be found, then the elementary school in your district plays an important part as well
Hope this helped
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Old 01-24-2008, 03:11 PM
 
Location: New York, Westchester
506 posts, read 1,910,684 times
Reputation: 229
Default just call 3 local Realtors

tell them you want a market analysis and that you want to sell your house in 10 days.......................thats it take an estimate of the 3 and thats as close as you are going to get...... p.s . Zillow sucks............
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Old 01-24-2008, 06:34 PM
 
Location: California
3,432 posts, read 1,811,117 times
Reputation: 138
Some guy on this forum said that its only accurate in some areas.
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Old 01-24-2008, 07:14 PM
 
Location: Virginia Beach, VA
2,124 posts, read 7,408,305 times
Reputation: 790
Quote:
Originally Posted by ProLogic View Post
Some guy on this forum said that its only accurate in some areas.
Yeah, and those areas would be in Zillow's founders dreams... : )

Really, trying to get a market price is part hard numbers and part human touch. You gotta see it, feel it, know it. See the property, feel the buyers enthusiasm and needs, and know what the market is doing RIGHT NOW.... to get to a true market value.

Ask an agent to do a CMA for you.

Shelly
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