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Old 10-30-2009, 10:50 PM
 
Location: Macao
16,257 posts, read 43,176,087 times
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is Zillow.com a decent reflection of Vegas housing prices?

Some of the housing on there seems pre-housing bubble prices...but not knowing the intricacies of Zillow...and knowing quite a few people in Vegas are very aware of real estate...wondering if anyone can confirm the accuracy or zillow or not with the prices they have listed...
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Old 10-30-2009, 10:57 PM
 
278 posts, read 791,287 times
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outside of the mls, i think most people feel that ziprealty.com is better.

with that said, a list price is not a sales price.
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Old 10-31-2009, 12:14 AM
 
Location: Silicon Valley
3,683 posts, read 9,858,753 times
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FWIW: My house was appraised in July. At the time I was told that the general belief was that Zillow was lagging the market. My house appraised for 10% less than what was listed on Zillow. Strangely enough, the current price for my house on Zillow is nearly 3% higher than the price listed in July. I think that change is in the wrong direction, the price should be lower now than in July.

Note that if a house was sold within the last three years, Zillow shows the sales price, so there is a house around the corner identical to mine that shows a number 2x that of my house, because it sold in 2007.
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Old 10-31-2009, 04:19 AM
 
4,538 posts, read 10,626,382 times
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Zillow is not accurate. No one should be using it even as a guide to current real estate prices.
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Old 10-31-2009, 11:45 AM
 
Location: Las Vegas
14,229 posts, read 30,024,595 times
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The research I've done says it's not accurate at all. Even before the bubble, it had serious issues.
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Old 10-31-2009, 06:55 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,192,639 times
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It is OK in large active tracts. Other than there fuggetaboutit. Zip is no better.

The problem is the same. The cost models just are not very good unless driven by a similar and large population.

We own a couple of properties in the NY area that are often off by a factor of 2. We love it of course in that it is in the right direction.
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Old 10-31-2009, 11:29 PM
 
515 posts, read 1,179,973 times
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I wouldn't trust their estimated values.

But they are handy in that you can tell it to show you all selling prices in an area going back X months. Still up to you to figure out if the houses are comprable, but at least its hard data and not guesstimates.
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Old 11-02-2009, 05:12 PM
 
Location: Las Vegas
3,631 posts, read 7,668,016 times
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Well...The house I own in Vegas estimated value (on Zillow) IS about what it SHOULD be worth (had homes appreciated at a normal rate with no bubble) however, in the current market the estimate is about 105k on the optimistic side.

No, not accurate (at least in this example).
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