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I'll gladly take what Zillow thinks all 3 of our houses are worth. But, I'd also take a unicorn. Neither scenario is likely to be fruitful.
Just as I always feel like popping the horn off a unicorn to see if it is real, I wish I could dig deeper into the numbers to see how close their "trends" are overall.
Just as I always feel like popping the horn off a unicorn to see if it is real, I wish I could dig deeper into the numbers to see how close their "trends" are overall.
My observation is that when someone lists a house for a higher price near any of mine, my Zestimate goes up. When someone sells a house for a higher price than usual, my Zestimate goes up. When someone sells a house anywhere near mine, even if it's smaller, older, or tract? My Zestimates all go down.
So, yeah. I don't think they're comparing apples to any sort of other fruit to get their Zestimates.
It's more of this "we started with X value for your home, based on the tax rolls, and we adjust it X percentage points based on sales near you that may not relate to your home at all."
So, a shot in the dark predicated on tax values, sales, and listed homes.
That's about all I can figure.
So, it will naturally be right sometimes. But, it can be VERY wrong.
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Zillow compares our SFR to the condos around the corner all the time. The condos are selling for about $170K lower than the SFRs in our area. Needless to say, our zestimate was much lower than Realtor.com or Redfin estimated the value at.
"Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market"
But as another poster mentioned, Zillow is notoriously slow at updating status when a house is sold or in contract.
I do see in my neighborhood, the higher priced homes are sitting pretty long. The bottom of the market is still flying off the shelves.
"Sale to list price ratio" is one of the most meaningless stats in real estate, and Z deserves immense scorn for mentioning it, let alone using it.
"Prevalence of price cuts?" That is nearly as laughable.
Both of those are entirely subjectively controlled "metrics," and have absolutely no ties to actual market dynamics.
Overpriced houses selling at a discount to list after several price cuts, racking up high DOM can be found in any neighborhood, yet have little reflection on the "hotness" of the market. There is much more reflection on the agents and sellers who are less realistic.
Hey!
Perhaps Z should retitle: "Realistic and Unrealistic Markets: Which is Yours?"
Estimates on my house vary by 15% depending on which site you look at...pretty much worthless. Several of them have dropped my estimates 3-5% over the past month for whatever reason.
I can't say i am familiar with that market over a long period of time, but i can say i know it well for the last month.
i visited over 100 houses in 4 weeks, in the 400-600K price range in the Cary/Apex area. Here's what i've learnt.
Nice houses in nice neighborhoods priced rights go way above asking price (based on the offers i made which were over asking price) and will go in 1 or 2 days (just to get more offers).
Smelly houses (cigarette, curry, cologne), over-priced houses, close-to-busy roads houses ... these types of houses are hard to sell and stick around for a bit.
So yeah, if you live in a nice area, i'm not surprised your home value is increasing, crazy cash buyers out there...
Individual Multiple Listing Services can choose to syndicate to Zillow or not. They do receive some MLS feeds, just not all. Unfortunately, even the information they do receive from an MLS is not always correct.
Correct and our local MLS does not syndicate to them. Which is why for our area the sites are absolute junk.
Quote:
Originally Posted by patienceGuy
I noticed that Zillow is not having current status of the house. Redfin says house is sold but in Zillow it is still active. i see consistency with Redfin and Movoto. I stopped looking at Zillow and Trulia.
Hire a buyers agent and have them add you to the MLS. In this market you need listings when they hit the market, not in hours or days later. Also they can send you coming soon homes that are not syndicated to any online sites.
Quote:
Originally Posted by leftback_
I can't say i am familiar with that market over a long period of time, but i can say i know it well for the last month.
i visited over 100 houses in 4 weeks, in the 400-600K price range in the Cary/Apex area. Here's what i've learnt.
Nice houses in nice neighborhoods priced rights go way above asking price (based on the offers i made which were over asking price) and will go in 1 or 2 days (just to get more offers).
Smelly houses (cigarette, curry, cologne), over-priced houses, close-to-busy roads houses ... these types of houses are hard to sell and stick around for a bit.
So yeah, if you live in a nice area, i'm not surprised your home value is increasing, crazy cash buyers out there...
100 houses, your buyer agent (agents?) must be tired lol.
I can't say i am familiar with that market over a long period of time, but i can say i know it well for the last month.
i visited over 100 houses in 4 weeks, in the 400-600K price range in the Cary/Apex area. Here's what i've learnt.
Nice houses in nice neighborhoods priced rights go way above asking price (based on the offers i made which were over asking price) and will go in 1 or 2 days (just to get more offers).
Smelly houses (cigarette, curry, cologne), over-priced houses, close-to-busy roads houses ... these types of houses are hard to sell and stick around for a bit.
So yeah, if you live in a nice area, i'm not surprised your home value is increasing, crazy cash buyers out there...
100 houses?
Ugh. Why so many? Hell, I enjoy looking at potential dwellings, but 100 houses??? In 4 weeks?
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