Reply to Yikes. I just bought a house for 100K above the Zillow Zestimate.

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Reply to "Yikes. I just bought a house for 100K above the Zillow Zestimate."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I guess I'm an outlier - for my neighborhood and my house Zillow, Trulia and Redfin are all pretty accurate.  In fact, I think Zillow and Trulia both OVERestimate the value of my house.  I actually find Redfin's tool to be the most useful because it allows you to compare your home to nearby similar sales.  So you can base it not just on basic info like SF, # beds and baths, etc, but on the condition and interior finishing of the home, central AC vs. none, and more.  Their estimate is pretty damned close to what I would price my house for and what I think it would sell for.[/quote]

In general, it is accurate for model home neighborhoods.  The suburbs that were planned communities and there are 3-6 models throughout the neighborhood.

It is very dicey in historic neighborhoods where every single house is completely different.  The condition of these homes also varies greatly depending on what was done over 100s of years.  Land value should be a no-brainer--but the homes not so much and this is where Zillow can't keep up.[/quote]

That makes a lot of sense.  I am in a rowhouse community in DC where most of the houses have generally the same layout, SF, lot size, etc, so that is a very good point.  I agree it probably has less value in a less planned community - but I'm glad it works for me right now!   :wink: [/quote]

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