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Zillow has zero credibility because they don't have sufficient information. All they have is the location and the square footage. They have no idea if inside the house are builder grade laminate counters and the cheapest possible carpeting, or a super exotic natural stone counter and some rare wood hardwood floors. Or if someone has added a covered deck with a beautiful outdoor kitchen or if it has a yard full of weeds.
So at best you're getting an assessment of the average price per square foot in the area applied to your house based on size and location.
Zillow has zero credibility because they don't have sufficient information. All they have is the location and the square footage. They have no idea if inside the house are builder grade laminate counters and the cheapest possible carpeting, or a super exotic natural stone counter and some rare wood hardwood floors. Or if someone has added a covered deck with a beautiful outdoor kitchen or if it has a yard full of weeds.
So at best you're getting an assessment of the average price per square foot in the area applied to your house based on size and location.
Are you a Realtor?
That's because every Realtors I met has always tried to badmouth/ discredit Zillow. That's because Zillow gives average buyers power of information that Realtors tried to withhold and forcing the buyers to rely on the information given to them by the Realtors.
As to your objections, Hello? How do you expect Zillow to know that other than from the photos/ information ("About this house") that the listing broker provided?
PS - on the local MLS there's a section where only licensed agent have assess on "inside information" that the listing broker shared. So it's always a good idea to consult your agent.
That's because every Realtors I met has always tried to badmouth/ discredit Zillow. That's because Zillow gives average buyers power of information that Realtors tried to withhold and forcing the buyers to rely on the information given to them by the Realtors.
As to your objections, Hello? How do you expect Zillow to know that other than from the photos/ information ("About this house") that the listing broker provided?
PS - on the local MLS there's a section where only licensed agent have assess on "inside information" that the listing broker shared. So it's always a good idea to consult your agent.
nope, not a real estate agent. Just an intelligent and informed consumer who understands exactly what a Zestimate actually is and acknowledges that it is not based on any property-specific information and is smart enough to recognize the limitations inherent in that.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,574,670 times
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Quote:
Originally Posted by emm74
Zillow has zero credibility because they don't have sufficient information. All they have is the location and the square footage. They have no idea if inside the house are builder grade laminate counters and the cheapest possible carpeting, or a super exotic natural stone counter and some rare wood hardwood floors. Or if someone has added a covered deck with a beautiful outdoor kitchen or if it has a yard full of weeds.
So at best you're getting an assessment of the average price per square foot in the area applied to your house based on size and location.
Zillow accuracies depend on the area and the housing mix. In some areas I found Zillow to be pretty accurate. I just had an appraisal done on one of my rentals and it was only a 1,000 off the Zillow estimate.
Some areas the majority of properties are all about equal level as far as quality of interior.
Also the exotic or upgraded things you mention don’t always affect the sales price by much. You always hear about the return on upgrades in remodeling.
I sold two houses in the last 3 years. Both times Zillow was spot on. I've got no complaints, considering what I paid for their services (which was nothing).
I've found their "Zestimates" to be somewhat unstable.
I sold a house last year. The "zestimate" before it sold was in the range of what it sold for. It listed at $285k, the zestimate was $290k. Two days after it listed, the zestimate dropped to $260k. ????
After it closed at $300k a month later the zestimate went back up again.
I've never figured out why there was a sudden drop after it listed. There was nothing that changed in the description, tax assessment or comps in the area that were any different.
AS others have stated, it's just another tool that an informed buyer or seller can use to get an idea of the property value, but certainly not anything definitive.
Status:
"I didn't do it, nobody saw me"
(set 17 hours ago)
Location: Ocala, FL
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While I have never been a big fan of Zestimates they are a good estimating/starting tool for many homes. I am a former Realtor and did advertise with them for a few years with mixed results. I won't say they or bad or perfect by any means. I will say they are worth what you pay them for their Zestimates (hint: $0.00). I many markets they do provide a useful guide for the local housing market trends.
A good philosophy for them is "Trust, but verify". If you are monitoring your own home to resell, consider obtaining an appraisal from a local, licensed appraiser first. If a potential buyer questions your home pricing, provide that instead of a Zestimate.
I open the Zillow emails I get just out of interest. Over the years, the estimate goes up and down and up and down but for the last two years has been around the high $140K Last month, the house across the street sold for $200K. This house is in a neighborhood of 3 and 4 bedroom, 2 and 3 bath double wide mobile homes - all put here at the same time by the developer.
My home and the one across the street are almost identical - mine being a little larger. But that house has almost no landscaping whereas my has extensive landscaping. I have a really nice 14X32 wired workshop and a 12X14 storage shad that the other house does not. The interiors are about even except there is not a nail hole anywhere in mind. Their carpet is nicer. I can go on.
The week that house sold for 200K, Zillow had mine at 148K. The week after it sold Zillow bumped mine to 206K. A week later and it was back down to 148K again and has stayed there for about a month.
Today, Zillow has mine at $208K.
Does anyone take Zillow seriously? And how do they stay in business? - jb
Edit - Realtor.com is showing a picture of my house that is almost 8 years old.
Zillows not looking at a shed and a workshop. Those are of little value to an appraisal. The only value is from the buyer who might want one. Zillow is looking at location, square foot under air, and lot size (in my opinion).
Zestimates are a joke.
On my block a duplex side just sold for $930K.
An identical side (same builder, just 3 doors away), the Zestimate is $884K.
Our house is identical except that we have a finished based and the Zestimate is $1.12M. Uh, no.
Are you asking me? I didn't sign up for anything. If you Google your address all the realty sites come up.
No, I was asking the OP, who hasn't returned.
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