[ARCHIVED THREAD] - Zillow estimates (Page 1 of 2)
Posted: 7/24/2017 12:34:05 PM EDT
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Are they serious?
I know Seattles house pricing is skyrocketing, but according to them, my house has increased around 4.5 times the price I paid in 3 years? Redfin and Realtor both have similar more reasonable values of about double the purchase price... What is the benefit of overvaluing homes to their company? |
| Zillow is only good if there are a lot of comps in your area and it's a fairly predictable market. If their system doesn't find reasonable comps, it just inputs anything sold in the area which can really inflate the value. In the DC area where my house is at right now, it's usually within a 2-4% margin of the actual selling prices on homes. So i'd say it's pretty reliable. |
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Zillow is only good if there are a lot of comps in your area and it's a fairly predictable market. If their system doesn't find reasonable comps, it just inputs anything sold in the area which can really inflate the value. In the DC area where my house is at right now, it's usually within a 2-4% margin of the actual selling prices on homes. So i'd say it's pretty reliable. |
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Only one way to find out OP. List your house. Or get it appraised. Seattle market is ridiculous. I made $100k in one year on my townhome in High Point. Fucking High Point. And nice deal! |
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I'm working on it... the wife wants to be here in this house forever though! And nice deal! My folks still live there in Magnolia, where I grew up. They are mid seventies and are literally cutoff from anything now as it takes an hour to get to the freeway. Just to get to the fucking freeway. It is actually quite rare to meet someone from Seattle. Like born there. Most here are not from here. Most that were got the fuck out. |
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Are you in Seattle itself or a suburb? I was born in and lived most of my life in Seattle. Getting the fuck out of Seattle and King County was the best thing my wife and I have done. We were both apprehensive and used to the city life but in all honesty I should have done it YEARS ago. I would NEVER move back to Seattle. My folks still live there in Magnolia, where I grew up. They are mid seventies and are literally cutoff from anything now as it takes an hour to get to the freeway. Just to get to the fucking freeway. It is actually quite rare to meet someone from Seattle. Like born there. Most here are not from here. Most that were got the fuck out. I do recall prior to Microsoft blowing up and the 1990s in general people were saying "last person out of Seattle remember to turn out the lights." It was a dying city until MS and grunge. |
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Zillow is only good if there are a lot of comps in your area and it's a fairly predictable market. If their system doesn't find reasonable comps, it just inputs anything sold in the area which can really inflate the value. In the DC area where my house is at right now, it's usually within a 2-4% margin of the actual selling prices on homes. So i'd say it's pretty reliable. It's dead nuts accurate in my neighborhood but I live in a cookie cutter neighborhood with all homes built by the same builder and a total of 6 different floor plans so comps are easy. My buddy sold his house down the street from me and it sold for precisely the Zestimate price. Also you can look at the app, find comps and see if any have sold recently in your hood and get an idea that way. The app tells you what the last owner paid. |
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Zillow is only good if there are a lot of comps in your area and it's a fairly predictable market. If their system doesn't find reasonable comps, it just inputs anything sold in the area which can really inflate the value. In the DC area where my house is at right now, it's usually within a 2-4% margin of the actual selling prices on homes. So i'd say it's pretty reliable. Zillow can also spaz and undervalue a home. It says a relatives house (~2000 sf home, large barn, large detached garage, and 40 acres) is worth 200k. It's probably worth at least double that. This is in an area with a very wide range of home types, ages, and lot sizes. |
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I do recall prior to Microsoft blowing up and the 1990s in general people were saying "last person out of Seattle remember to turn out the lights." It was a dying city until MS and grunge. A Sign of the Times The recession was caused as The Boeing Company, the region's largest employer, went from a peak of 100,800 employees in 1967 to a low of 38,690 in April 1971. McDonald said their out-of-town clients, "were amazed that Seattle wasn?t a ghost town with weeds growing in the streets. We wanted to counteract that attitude with a little humor" (Duncan). They chose a billboard site that they inevitably passed after picking up their clients at the airport. The men rented the billboard for $160. The Boeing recovery began slowly: by October 1971 the firm employed 53,300 workers. |
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Zillow had the wrong number of beds/baths in my last house. Yeah, not trusting that. In our neighborhood, Zestimates are proving to be low. Had a friend refinance his place and the appraisal came back $40k higher. |
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They only pull info from the county assessor, previous listings, or the owner. As previously stated, you can update it with correct information. In our neighborhood, Zestimates are proving to be low. Had a friend refinance his place and the appraisal came back $40k higher. Quoted:
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Zillow had the wrong number of beds/baths in my last house. Yeah, not trusting that. In our neighborhood, Zestimates are proving to be low. Had a friend refinance his place and the appraisal came back $40k higher. Accurate appraisals can't be provided by a computer. |
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Are they serious? I know Seattles house pricing is skyrocketing, but according to them, my house has increased around 4.5 times the price I paid in 3 years? Redfin and Realtor both have similar more reasonable values of about double the purchase price... What is the benefit of overvaluing homes to their company? So, when I looked at my homes valuation a while back before I sold it, it was particularly high. In other neighborhoods, it could have been priced like that, but I was in a blue collar neighborhood so it was like they added $20,000-ish to the price. |
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Zillow compares my house on acreage to houses in a subdivision down the street . Zillow seems to struggle a lot. |
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It varies depending on your area. My house looks like the zestimate is pretty accurate($194k) while Redfin is like $30k low. Houses like mine with similar work done have been selling easily for 190-195k. Some higher.  ...very nice couple, and the Son-in-Law was the one doing the work for her to get it sold...and he was the original owner of our house). Zillow's estimate on our house is closer ($15k higher than Redfin), to the $$/sq. foot that the other two houses sold for...
AFARR |
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And you feel that Zillow provides accurate home values when they don't even know how many beds/baths are in the house? Accurate appraisals can't be provided by a computer. Quoted:
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Zillow had the wrong number of beds/baths in my last house. Yeah, not trusting that. In our neighborhood, Zestimates are proving to be low. Had a friend refinance his place and the appraisal came back $40k higher. Accurate appraisals can't be provided by a computer. |
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No Automated Valuation Model (AVM) is completely reliable or accurate in every location.
Freddie Mac's Home Value Explorer (HVE) is widely regarded as the best. Zillow's is mediocre. It would not be accurate to say it's always wrong, but you should always take its estimates with a bunch of salt Your best bet is to talk to a realtor who is familiar with the area, and zero in on comparable sales (if there are any.) |
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Are they serious? I know Seattles house pricing is skyrocketing, but according to them, my house has increased around 4.5 times the price I paid in 3 years? Redfin and Realtor both have similar more reasonable values of about double the purchase price... What is the benefit of overvaluing homes to their company? I know a guy who is a Realtor. He Says Zillow is off the reservation. |
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I paid $120,000 for my house in 2011. Zillow is saying $197,000. I think its a bit too much but a real estate agent is coming over on Wedesday to discuss putting it on the market so I'll see what she says.
My city is the 3rd fastest growing in the nation so maybe. |
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I know a guy who is a Realtor. He Says Zillow is off the reservation. Quoted:
Quoted:
Are they serious? I know Seattles house pricing is skyrocketing, but according to them, my house has increased around 4.5 times the price I paid in 3 years? Redfin and Realtor both have similar more reasonable values of about double the purchase price... What is the benefit of overvaluing homes to their company? I know a guy who is a Realtor. He Says Zillow is off the reservation. |
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Quoted:
Are they serious? I know Seattles house pricing is skyrocketing, but according to them, my house has increased around 4.5 times the price I paid in 3 years? Redfin and Realtor both have similar more reasonable values of about double the purchase price... What is the benefit of overvaluing homes to their company? Yeah, I wondered the same thing. They say mine is about $230,000 we paid 159,000 three years ago in Mount Vernon. |