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Old 03-21-2008, 06:16 PM
 
Location: Waxhaw, NC
79 posts, read 191,831 times
Reputation: 34

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I've seen lots of mention on these threads about Zillow, the Real Estate site that gives a value of a particular home......I feel an urge to speak up.

First of all...in the spirit of full disclosure, I'm a Realtor. My experience with Zillow has been very poor. See....here's the deal. Zillow does not take into account any features, tangible or intangible. They have no way of knowing if a house has.....upgraded granite, fenced yard, new bathroom, premium lot, professional landscaping, etc, etc, etc. They just don't know....how could they?

I have seen value variances of over 25% vs. true market value....that's a lot of money. Sometimes their value is high, sometimes it's low.....just all over the board. I've seen them use comps over 10 miles away, and with a difference in sf of over 50%....it's crazy.

My advice is to NOT use Zillow to get an estimate of your home.
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Old 03-22-2008, 07:35 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,672,404 times
Reputation: 3809
Quote:
Originally Posted by NCHOMEBOY View Post
I've seen lots of mention on these threads about Zillow, the Real Estate site that gives a value of a particular home......I feel an urge to speak up.

First of all...in the spirit of full disclosure, I'm a Realtor. My experience with Zillow has been very poor. See....here's the deal. Zillow does not take into account any features, tangible or intangible. They have no way of knowing if a house has.....upgraded granite, fenced yard, new bathroom, premium lot, professional landscaping, etc, etc, etc. They just don't know....how could they?

I have seen value variances of over 25% vs. true market value....that's a lot of money. Sometimes their value is high, sometimes it's low.....just all over the board. I've seen them use comps over 10 miles away, and with a difference in sf of over 50%....it's crazy.

My advice is to NOT use Zillow to get an estimate of your home.
Good advice.
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Old 03-22-2008, 10:48 AM
 
Location: Falling Waters, WV
1,502 posts, read 6,621,019 times
Reputation: 786
I've pulled up my previous home when I found out about this site and found that it is not at all acurate. It had my house (colonial w/2 car garage) about 20k lower than a split foyer in the neighborhood with no garage. It made no sense of the values. I am not sure how they calculate them, it can't go by square footage with the values all over.
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Old 03-22-2008, 10:50 AM
 
186 posts, read 983,793 times
Reputation: 99
Quote:
Originally Posted by NCHOMEBOY View Post
I've seen lots of mention on these threads about Zillow, the Real Estate site that gives a value of a particular home......I feel an urge to speak up.

First of all...in the spirit of full disclosure, I'm a Realtor. My experience with Zillow has been very poor. See....here's the deal. Zillow does not take into account any features, tangible or intangible. They have no way of knowing if a house has.....upgraded granite, fenced yard, new bathroom, premium lot, professional landscaping, etc, etc, etc. They just don't know....how could they?

I have seen value variances of over 25% vs. true market value....that's a lot of money. Sometimes their value is high, sometimes it's low.....just all over the board. I've seen them use comps over 10 miles away, and with a difference in sf of over 50%....it's crazy.

My advice is to NOT use Zillow to get an estimate of your home.
I totally agree! I think zillow is a good way to get a very broad estimate on the area you are looking at but that is it. If I look up my neighborhood on it the estimates in general are good but if you look house to house the estimates are all over the place and not accurate.
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Old 03-22-2008, 02:22 PM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,126,675 times
Reputation: 650
I agree. Zillow is not an accurate tool...
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Old 03-22-2008, 06:45 PM
 
69,372 posts, read 53,599,519 times
Reputation: 9357
Quote:
Originally Posted by NCHOMEBOY View Post
I've seen lots of mention on these threads about Zillow, the Real Estate site that gives a value of a particular home......I feel an urge to speak up.

First of all...in the spirit of full disclosure, I'm a Realtor. My experience with Zillow has been very poor. See....here's the deal. Zillow does not take into account any features, tangible or intangible. They have no way of knowing if a house has.....upgraded granite, fenced yard, new bathroom, premium lot, professional landscaping, etc, etc, etc. They just don't know....how could they?

I have seen value variances of over 25% vs. true market value....that's a lot of money. Sometimes their value is high, sometimes it's low.....just all over the board. I've seen them use comps over 10 miles away, and with a difference in sf of over 50%....it's crazy.

My advice is to NOT use Zillow to get an estimate of your home.
I have used zillow to get a list of properties that have recently sold and their prices, and I have used it to watch if a property value is going up or down (which is pretty much a determining factor of the neighborhood, not the actual property), but never to judge the actual value of a property.
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Old 03-22-2008, 07:01 PM
 
Location: Denver, CO
739 posts, read 2,675,691 times
Reputation: 203
agreed- Pghquest,I'm not even sure that's all that accurate if it is an infill neighborhood of scrapes... for example, the home a block over from me went for 500K. Which actually made my home immediately decrease in "zillowestimate" about 12%. However, they immediately scraped that home and will likely build a 1.5 Million dollar home. So that will increase my value. So it depends on the neighborhood.
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Old 03-22-2008, 07:29 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,411,168 times
Reputation: 6344
Zillow sucks. They overprice and underprice by TENS of THOUSANDS.

Which makes it pretty much worthless.
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Old 03-22-2008, 07:33 PM
 
Location: OK
2,717 posts, read 6,290,623 times
Reputation: 1844
I am an appraiser and cannot tell you how often a loan officer or homeowner use Zillow or another AVM as an example when my reports don;t agree with the values the AVMs spit out.

AVMs are worthless because the data they use is questionable. Not t mention the lack of detail on the Subject, as the OP pointed out.
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Old 03-22-2008, 08:03 PM
 
529 posts, read 2,454,137 times
Reputation: 164
I like the pictures in zillow
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