Opinions on Zillow Estimates Please (sales, real estate, houses)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I'm not a Realtor, but when we were house-hunting in the Triangle 2.5 years ago, Zillow estimates were way off - in both directions, depending on the neighborhood. Now, we were moving here from Richmond, VA, and I found that Zillow estimates were pretty spot on there, at that time, at least in the county I was in.
Actually, I just checked the estimate for my current home in Fuquay, and it does seem about right . . . a couple of months ago, it was about $20,000 higher than it should have been. The estimate has come down to match reality. . .
I definitely wouldn't rely on Zillow for any kind of decision-making. . .
Out of curiosity, if I notice a house in our neighborhood has sold, I check to see what the selling price was by calling my realtor, and then I check on Zillow to see what their estimate was.
So far out of five homes in the past year or so two, three homes have been within the estimate on Zillow, and closer to the higher end. One was slightly lower than the low end, and one was 5,000 higher than the higest. So, I have only those few to tell you about but that site was quite in line with the final prices. Interesting.
best
~toodie
Out of curiosity, if I notice a house in our neighborhood has sold, I check to see what the selling price was by calling my realtor, and then I check on Zillow to see what their estimate was.
So far out of five homes in the past year or so two, three homes have been within the estimate on Zillow, and closer to the higher end. One was slightly lower than the low end, and one was 5,000 higher than the higest. So, I have only those few to tell you about but that site was quite in line with the final prices. Interesting.
best
~toodie
I guess once in a while, Zillow could accidently get it right?!!
Thanks for the responses so far, but for the negative comments what do you mean is bad? Do you find that it tends to overestimate home values or underestimate them?
I'm asking because Zillow has my house valued under what I am asking. Do they base an estimate simply on square footage for a particular area? Homes can have certain appealing characteristics that Zillow wouldn't know. For instance, my house has a large private back yard that backs up to a pond. I'm not looking at my neighbor's backyard when I'm on my deck. Having that within 10 minutes of RTP isn't common, but I doubt that's factored into their estimate.
Thanks for the responses so far, but for the negative comments what do you mean is bad? Do you find that it tends to overestimate home values or underestimate them?
I'm asking because Zillow has my house valued under what I am asking. Do they base an estimate simply on square footage for a particular area? Homes can have certain appealing characteristics that Zillow wouldn't know. For instance, my house has a large private back yard that backs up to a pond. I'm not looking at my neighbor's backyard when I'm on my deck. Having that within 10 minutes of RTP isn't common, but I doubt that's factored into their estimate.
Zillow pulls data from the tax rolls.
If the tax rolls are inadequate, Zillow is inaccurate.
They have no idea whether you have a view or not, or whether you have a dilapidated home, or a showpiece.
There is no substitute for 'boots on the ground" for setting values. You just gotta see the property. That is one reason the computer modelling of the tax reassessments creates such a fuss.
Because there are houses featured on the site, people mistake Zillow for a real estate site.
It is NOT a real estate site.
It is a platform to collect revenue from sales of the ads you see.
No mo, no less.
If they get a value right, it comes right out of the "Blind Pig Finds an Acorn" files.
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