How accurate is zillow (home value site) - Chicagoland Sportbikes
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post #1 of 24 (permalink) Old 07-20-2006, 12:24 PM Thread Starter
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How accurate is zillow (home value site)

http://www.zillow.com/


Do you think the values for your homes are high/low/just right?
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post #2 of 24 (permalink) Old 07-20-2006, 12:31 PM
 
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Very High. IMO.
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post #3 of 24 (permalink) Old 07-20-2006, 12:33 PM
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a tad high for me, not much though.

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post #4 of 24 (permalink) Old 07-20-2006, 12:40 PM
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Very accurate, just used them and also had assesment done..

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post #5 of 24 (permalink) Old 07-20-2006, 12:45 PM
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Quote:
Originally Posted by Vcook
a tad high for me, not much though.
ditto

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post #6 of 24 (permalink) Old 07-20-2006, 12:51 PM
 
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i actually think they are quite a bit low for me. i know some of the other houses around me have sold for more than they are saying the value of our area is and I know my house is on the higher end of what i know has sold so they are a bit low.
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post #7 of 24 (permalink) Old 07-20-2006, 01:00 PM
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In the neighborhood for the neighborhood.....

Inaccurate from house to house.....way wrong.


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post #8 of 24 (permalink) Old 07-20-2006, 01:22 PM
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about 50k less than The homes in my neighborhood are actually going for.

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post #9 of 24 (permalink) Old 07-20-2006, 01:29 PM
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They were probably 10% high for our area at one point... now they're probably 5% lower than market. +1 to Blarney's comment that from house to house their estimates make little sense.

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post #10 of 24 (permalink) Old 07-20-2006, 01:33 PM
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pretty accurate.

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post #11 of 24 (permalink) Old 07-20-2006, 02:01 PM
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WAAAYYY Off for me. three units available in my builing, one is a 2.8 mil the others are 171K
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post #12 of 24 (permalink) Old 07-20-2006, 02:10 PM
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Seems like a good baseline tool, takes comps and averages or something. It shows my house to be up $80K from my purchase 3 years ago so I think that's a bit ambitious.

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post #13 of 24 (permalink) Old 07-20-2006, 02:13 PM
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well, they have my house setup wrong in there database. The size is wrong, the number of bathrooms is wrong. Given that and what I think my house is worth, it's a little low, now if you update with the zestimator (I just did it yesterday) and you consider the upgrades I just did (kitchen, bathroom, soon to be basement) it was way to high. It was an 6% higher then it should be.

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post #14 of 24 (permalink) Old 07-20-2006, 02:19 PM
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I would say it's pretty accurate for my area. I've only been here about 11 months and it says my house is worth 9K more than I paid for it.

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post #15 of 24 (permalink) Old 07-20-2006, 02:32 PM Thread Starter
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it says mine is about $60k more than I paid..... I bought in March 06.

it shows the value graph going up from when i bought it until now. i have no idea....
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post #16 of 24 (permalink) Old 07-20-2006, 02:34 PM
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Too high.

Apparently, Zillow's handy dandy satellite camera doesn't see the thugs hanging out on the corners of our neighborhood, all the 'Out of Business' signs on spraypainted shopping plazas, the complete lack of jobs in our area or any signs of economic development.

Anybody wanna buy a house?


Edit: I forgot the shitty schools.

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post #17 of 24 (permalink) Old 07-20-2006, 06:19 PM
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Seems on the market or close for mine


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post #18 of 24 (permalink) Old 07-20-2006, 06:41 PM
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according to Zillow my address moved 5 houses down to the corner??....
Ya, i believe it's really accurate boys and girls.....

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post #19 of 24 (permalink) Old 07-20-2006, 08:02 PM
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well since some non permit work doesnt show, its showing my house on the low side , but if my house was as it thought, its pretty close

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post #20 of 24 (permalink) Old 07-20-2006, 09:45 PM
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They're about $200,000 too low on my house...unless I'm delusional.
If they're shooting for land value they're pretty close.

Last edited by The Fixer; 07-20-2006 at 09:53 PM.
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post #21 of 24 (permalink) Old 07-21-2006, 07:44 AM
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It says the value of my house has risen 21% since January of this year when I bought it. I sure hope that's right.

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post #22 of 24 (permalink) Old 07-21-2006, 09:53 AM
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Keep in mind that Zillo is only an estimator based on the latest public records and property characteristics...garbage in...garbage out.

As an example, the public records for my new home is split between the land purchase and then the home. The seller was the original owner and 90% of the homes in my area have are still owned by the original owners.

Hence the $50,000 property sold back in 1997 is worth a lot less than the home is showing on Zillo.

History is key to Zillo's appraisal logic...without recent history it does the best it can.
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post #23 of 24 (permalink) Old 07-21-2006, 11:56 AM
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About 5% high, but I could be wrong.

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post #24 of 24 (permalink) Old 07-21-2006, 02:51 PM
 
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If you want a "fairly" accurate idea of what homes in an area are worth, just do a search on realtor.com. It will give you asking price for just about every home for sale. Find similar homes, take the average and knock a few percent off and you will have a very good idea what a home is worth.

My brother is an appraiser and has access to the MLS. When he figured out what my home is worth it was within about 2% of what I has estimated playing around on realtor.com.
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