Zestimates
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Anonymous
| How accurate are the Zillow, Redfin, etc etc home estimates for selling a house? Has anyone used these and then sold their home around the price suggested? Mostly just curious.. |
Anonymous
| My experience is that they get in the ballpark, but isn't really a "comp". They are useful to monitor trends, but not to set the price of a house. |
Anonymous
|
They are a good starting point, but dont' take account of differences in condition of homes, or markets that are rapidly changing. For example, my house is listed at a similar price to that next door (in terrible condition) and another house a few doors down which is very nicely renovated and larger than mine.
Another neighborhood house is listed as estimated for $585k and it just sold for $700k. It can be accurate and it can be way off. |
Anonymous
| Search this forum for "zestimate" - there have been several threads on this. My opinion is that the zestimate is worth the money you paid for it. |
Anonymous
You need to adjust and update the information. They are a good tool that's give a range. The more information you enter the more accurate. |
Anonymous
| Our house recently appraised for around $70,000 higher than the Zestimate. |
Anonymous
Was it in the range? |
Anonymous
Just barely, like $1000 under the upper limit. |
Anonymous
|
zillow uses regression analysis based on public info: lot size, sq ft, comps, zip code, etc.
Zillow does not know: - is the kitchen updated? - does the property have a good view - landscaping - build quality and materials - structural or other problems zestimate will always be an estimate. sometimes a very poor estimate. nothing more. |
REALTOR4U
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| Zestimates are a good starting point but are only as accurate as the information on which they are based. Consider asking a Realtor to provide you with local comparable sales or have an informational appraisal done. |
Anonymous
| We just bought a house and it was way off and was going based on how much the seller paid a year ago (unexpected job transfer). It didn't account for the new deck, fence, appliances that they had put in. Also, the market has changed from a year ago and it didn't quite update based on that. We didn't overpay for our house- the appraisal came in over what we paid and we were well within comps so just use it as another form of info. |
Anonymous
|
Zillow is usually very inaccurate. For example, per Zillow, my home is 3 bedroom, 2 bath, 1,744sf, and $316,883.00
In reality, my home recently appraised for $479,000, it is 7 bedroom, 3 bath, and is 4,450sf. |
Anonymous
| Zillow has our house at $35k below what it appraised for, and its a cheap house (low $200's) so $35k off is actually a lot. |
Anonymous
| My house is WAY over-appraised on Zillow. So it must be a neighborhood by neighborhood thing. Interesting that several have said their houses are undervalued by Zillow. |
Anonymous
| We recently refi'd. House came in at 749k, Zillow came in at 732k. Zillow did not take into account a new deck and an expanded bathroom/redone basement, so I think all in all, it was pretty close. |