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Posted: 3/21/2006 7:22:03 AM EDT

I tried this site, and I think it is pretty accurate. Might be a little on the high side, or maybe my condo really has gone up that much in value, ($325->$404k over 2 years in Metro Boston).

Zillow
Link Posted: 3/21/2006 7:26:35 AM EDT
It lists the tax assesment value for what the previous owner paid for the house like 8 years ago on the house I just bought. It is off by 60%...
Link Posted: 3/21/2006 7:26:40 AM EDT
I just checked my neighborhood, and it is wildly inaccurate. My neighbors house across the street is valued at $328K, but he just sold it for $425 (and could have sold it for more - sold it in three days).


Link Posted: 3/21/2006 7:26:51 AM EDT
[Last Edit: 3/21/2006 7:27:25 AM EDT by dolanp]
Looks like it correlates data from local apprasial districts so it should be accurate (or at least used to be accurate I guess). However the map was way off when I put my house in.
Link Posted: 3/21/2006 7:27:26 AM EDT
It had a picture of my house but said it could not find it.
Link Posted: 3/21/2006 7:28:10 AM EDT
That is a neat interface though, it shows the overhead of the neighborhood with values for each house on the block. They just need to update their databases.
Link Posted: 3/21/2006 7:28:20 AM EDT
Apparently that site doesn't have access to my last assesment
Link Posted: 3/21/2006 7:28:29 AM EDT

Wow. House assesses at $85k. Bought at $56k. That sites says $8k. Methinks there is an error in translation.
Link Posted: 3/21/2006 7:28:54 AM EDT
Zillow hates me. It could not find my house.
Link Posted: 3/21/2006 7:29:37 AM EDT

Originally Posted By BeetleBailey:
Wow. House assesses at $85k. Bought at $56k. That sites says $8k. Methinks there is an error in translation.



I'll give you $8,500 and not a penny more, you money grubber!
Link Posted: 3/21/2006 7:29:56 AM EDT
[Last Edit: 3/21/2006 7:32:01 AM EDT by Colt_SBR]
ZESTIMATE™: $126,468.00.

Value Range: $106,233.00 - $144,174.00.


That's about it. I paid $24,600.00 in 1979.

If someone would give me $126,468.00, they can have my house.



______________________________


Link Posted: 3/21/2006 7:30:50 AM EDT

Originally Posted By Colt_SBR:
ZESTIMATE™: $126,468.00.

Value Range: $106,233.00 - $144,174.00.


That's about it. I paid $24,600.00 in 1979.

If someone would give me $126,468.00, they can have my house.

______________________________

img.photobucket.com/albums/v323/Colt_SBR/57985sm.gif



That's pretty much the way it works when you sell a house, no?
Link Posted: 3/21/2006 7:31:58 AM EDT
Lands about 10 miles from my house in the middle of a field,does not give me a value.
Link Posted: 3/21/2006 7:32:20 AM EDT
Well it is not current, because it lists the house I am building as

$200k
Bedrooms: 3
Baths: 1.0
Total rooms: --
# Stories: 1
Sq ft: 830



When it should be listed as
Bedrooms: 4
Baths: 3.0
#stories:2
Sq Ft: 3600
Link Posted: 3/21/2006 7:33:36 AM EDT
[Last Edit: 3/21/2006 7:35:09 AM EDT by Colt_SBR]
If someone would give me $126,468.00 $144,174.00, they can have my house. Value just went up.



______________________________


Link Posted: 3/21/2006 7:40:02 AM EDT

Originally Posted By zer04evr:
Well it is not current, because it lists the house I am building as

$200k
Bedrooms: 3
Baths: 1.0
Total rooms: --
# Stories: 1
Sq ft: 830



When it should be listed as
Bedrooms: 4
Baths: 3.0
#stories:2
Sq Ft: 3600




Yeah - my wife's house is listed as 3 bed, 1 bath, when it has been 3 bed, 2 bath since the 70's.
Link Posted: 3/21/2006 7:42:09 AM EDT
It had relatively accurate recent selling prices for my neighborhood, including what I just paid for my place back in '04.
Link Posted: 3/21/2006 7:46:21 AM EDT
I voted "pretty good" because it is only off by 50%.
Link Posted: 3/21/2006 7:47:11 AM EDT

Originally Posted By Q3131A:
I voted "pretty good" because it is only off by 50%.



I dont think it takes into account how absolutely ridiculous miami real estate prices are.
Link Posted: 3/21/2006 7:47:27 AM EDT
Dolar value is only about 30% of what my house is worth. It also says my house is seven stories tall, which is news to me. Maybe I should check my attic. I might not need to finish out my basement after all.
Link Posted: 3/21/2006 7:48:15 AM EDT
I think I read somewhere this guy is trying to capture the FSBO market
Link Posted: 3/21/2006 7:48:47 AM EDT
[Last Edit: 3/21/2006 7:57:21 AM EDT by petagunner]
Link Posted: 3/21/2006 7:49:14 AM EDT
Price and description wrong for my house and the house I just moved out of. Maybe it just needs updating.


ByteTheBullet (-:
Link Posted: 3/21/2006 7:52:04 AM EDT
Pretty close for my house.
Link Posted: 3/21/2006 7:54:51 AM EDT
It was dead on, in terms of assessed tax value.

But as far as market value goes, it was about 35% of what my house would actually go for.
Link Posted: 3/21/2006 7:56:17 AM EDT
I think it overstates the value. Maybe an attempt to get people to sell?
Link Posted: 3/21/2006 7:58:09 AM EDT
I'd say the range for my place is about right, although I have a hard time coming to grips with how property has increased in value over the 5 years it has been since I bought the place. This site does not take into account anything about the condition of the home.

I'm about 25 miles SE of Boston, and I would expect places in/near major metro areas would have more up-to-date data than places in the sticks.
Link Posted: 3/21/2006 7:58:14 AM EDT
About 50k off...it does not take into consideration the addition we added 3 years ago. Smaller houses with less amenities selling for more than what they show mine valued at on this very street.
<---Burbs of Beantown on the T
Link Posted: 3/21/2006 7:58:40 AM EDT
Completely worthless, all it does is show tax value, which maybe usefull in determining value.
I'm an invester and have 2 cash positive properties, I've always paid more than tax value, upwards of 25% or more in some cases.
Link Posted: 3/21/2006 7:59:10 AM EDT
Not very accurate, seems to have very old lakefront price data, my neighbors house which sold 8 months ago for $180k is listed as $153k. Ours is maybe $15k too low. Although price homes have been going up a bit the last few years (thanks to many homes being sold over the original asking price due to bidding wars).

To their credi under more details it says

"County transactional data for this home is insufficient so we cannot calculate a Zestimate. But we are adding data all the time, so be sure to come back. "
Link Posted: 3/21/2006 8:03:34 AM EDT
For me, it's at least 3 years out of date.
Link Posted: 3/21/2006 8:19:15 AM EDT
Not accurate. Just uses the local tax info. I know what the houses in the area sell for.
Link Posted: 3/21/2006 8:21:42 AM EDT
Generally not bad, but ... there is almost NO way to quantify or input information about the kinds of houses that go for a premium in a certain area. A little Art Deco "gem" on South Beach would sell for a hell of a lot more than some run-down place that happens to be the same size and in the same general area. Same with Coral Gables. My house is an Old Spanish built in 1926 and was designed by one of the founders of the architecture school at University of Miami. You can have more $ than God and you can't build that. So you have to pay a premium (if you want one) to buy an existing one. That kind of value is all but impossible to program into a site. Also, improvements that have been done without permits. Or neglect, for that matter. Like they say ... it's worth what someone will pay.
Stay safe
Link Posted: 3/21/2006 8:25:29 AM EDT
Hell, it went to the wrong location on my parents house, and when I foun theirs by moving the map, it was the wrong address.
Link Posted: 3/21/2006 8:29:14 AM EDT
If it is accurate, then I've made more equity on my place in Texas in under a year than I did on my place in the SF Bay area in 4.

YMMY.
Link Posted: 3/21/2006 8:30:41 AM EDT
I dont get it my house 775K the house next door which is 600 sq feet smaller is at 880???

maybe because it was sold recently?
Link Posted: 3/21/2006 8:30:57 AM EDT
Zillow is based on an automated valuation model that is fairly accurate in an active market. Out in the sticks it won't find you and is based on tax data.

I am a real estate appraiser and have checked the few residential appraisals that I have done in the past (I mainly appraise commercial property) and found it to be on target. Many of the residential guys fear that AVM's like Zillow could put them out of business. The more data that is available in your area, the more accurate it will be.

This is not an appraisal of a specific property or an endorsement of this service.
Link Posted: 3/21/2006 8:33:31 AM EDT
[Last Edit: 3/21/2006 8:38:31 AM EDT by California_Kid]
Automated Valuation Models or AVMs all have their own particular strengths and weaknesses. Zillow gets property and sales data from several sources. They rolled their own AVM.

Here is how my house comes out on a few of the more popular ones:

Zillow Zestimate- $557,828
FreddieMac Home Value Explorer- $460,604
DataQuick Valuator - $703,482
Case Shiller Weiss CASA - $653,000
First American Home Price Analyzer 2.0 - $539,000
First American PASS - $567,000

Bases on recent sales in my immediate 'hood I'd put the value around $580 - 600K. (ETA the six figures above have a mean just over $580. )

I like pie too.
Link Posted: 3/21/2006 8:35:04 AM EDT
Posted $5k over what I sould my house for in 9/04, and aprox the same that I bought the new house for on same date. Both are prob accurate - my old house was appreciating at about 7% annually - the 5k might be a tad low actually - I do not think my new house has appreacated as quickly but comps are hard to come by.
Link Posted: 3/21/2006 8:36:30 AM EDT
[Last Edit: 3/21/2006 8:36:49 AM EDT by California_Kid]

Originally Posted By anjan9:
Zillow is based on an automated valuation model that is fairly accurate in an active market. Out in the sticks it won't find you and is based on tax data....



Also in non-disclosure states like Texas the values are based mainly on tax data.
Link Posted: 3/21/2006 8:37:11 AM EDT
Not accurate. Overstated by around 20-25% on several houses on my block, since I know what the actual prices were.
Link Posted: 3/21/2006 8:39:45 AM EDT
Couldn't find home and I live on the East side of Louisville.
Link Posted: 3/21/2006 8:44:47 AM EDT

Originally Posted By j-fonz:

Couldn't find home and I live on the East side of Louisville.



They're, uh, exaggerating when they say they cover the whole country.

I know where most of their data comes from.
Link Posted: 3/21/2006 8:56:40 AM EDT

Originally Posted By zer04evr:

Originally Posted By Q3131A:
I voted "pretty good" because it is only off by 50%.



I dont think it takes into account how absolutely ridiculous miami real estate prices are.



I live in Gator country.
Link Posted: 3/21/2006 9:06:00 AM EDT
About $15k over the extreem max price of what my house would be worth... It's about $57k higher than what my neighbor is asking for their house that just sold.
Link Posted: 3/21/2006 9:11:47 AM EDT
For my house it reflects the property tax value, not the resale or appraisal value. I know what the property tax value is...I pay the property taxes.

Not terribly useful IMHO.
Link Posted: 3/21/2006 9:28:50 AM EDT
Found my exact house. I guess the numbers are in the right ball park. One, thing, I didn't know that I have so many expensive houses in my nieghborhood.
Link Posted: 3/21/2006 10:08:46 AM EDT
My estimate was about $20,000 short based on the sales I've noted in the neighborhood.
Link Posted: 3/21/2006 10:34:00 AM EDT
Very inaccurate. It shows my house at $41K when it actually appraised last year at $96K
Link Posted: 3/21/2006 10:40:25 AM EDT
it didnt even get the right house
Link Posted: 3/21/2006 10:55:11 AM EDT
Well, my old house in San Diego that I sold back in Sep is listed.

I put it on the market for $450k and knew that was a low number at the time but I was in a jam and needed to get out ASAP. Got 3 offers by the first weekend.

It's listed on the site at $482,174 with a range of $424,313 - $530,391.

When I sold it the place it needed about $5-$10k of work to clean it up and fix immediate problems. If you wanted to you could drop $25k easy to bring it up to modern standards (it was built in 1958 and other than roof, paint, HVAC and some concrete driveway work, almost nothing had been done to modify it from the original build.)

So in this case, the site seems to have good numbers.

My new place isn't listed.
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