How accurate is zillow? I bought a house in 2007. Then the housing market crashed. According to zillow, im finally out from under water on it. Ive been renting it out for a few years now, so ive been making a little money on it. Just wondering how accurate zillow is and their zestimates. According to zillow it will keep going up in the next year.
Zillow
- Thread starter NJ Nole
- Start date
I'd say it is pretty hit and miss. A realtor familiar with the market would be the best to answer.
It is very hit & miss. We sold our house about 2 months ago and it estimated the house to be worth about 7% more than it appraised for. The house we bought was estimated about 10% higher on Zillow than it appraised for.
However, a house in my old neighborhood which sold in August was estimated about 5% below what it appraised for when it sold.
IMO, I would take the Zillow number and give yourself a ballpark of about 5% on both sides and assume it falls somewhere in that range.
However, a house in my old neighborhood which sold in August was estimated about 5% below what it appraised for when it sold.
IMO, I would take the Zillow number and give yourself a ballpark of about 5% on both sides and assume it falls somewhere in that range.
Agree with the above. But I do like it for the ballpark on price and details (which are also hit or miss). They have the wrong bed/bath on my house. The prices for our entire 'hood are a bit high as well.
I'm pretty sure Zillow just pays the MLS for a data feed, so if it was listed wrong, that is probably on the agent.
Zillow has actually gotten much better over the years. They now have a private appraisal feature now where you can prepare comps from select houses in your area that are similar to yours.
Also definitely should create an account and update your home info if it's incorrect.
I use Zillow and Trulia to rent out my rental house, works great. Both support multi site listings, too.
Also definitely should create an account and update your home info if it's incorrect.
I use Zillow and Trulia to rent out my rental house, works great. Both support multi site listings, too.
Honestly what's the difference between $4.1 and $4.2 mil?
Depends a lot on the home and area. In DC, public records don't keep up well with additions so Zillow may be estimating off 1500 square feet and in reality, the home is now 3000. In cookie-cutter communities, it is generally in the ballpark.
As stated above, a realtor should be able to provide a state working knowledge of the area.
As stated above, a realtor should be able to provide a state working knowledge of the area.
Honestly, best part about Zillow is comps. You can see sale history, listing history, etc. It varies by state, of course, depending on public records availability. .
It's pretty neat to travel and be able to check areas on the go.
As for actually thinking about selling, agree with the others above to talk to a realtor.
It's pretty neat to travel and be able to check areas on the go.
As for actually thinking about selling, agree with the others above to talk to a realtor.
OHNole43123
Seminole Insider
Zillow, Realtor, Redfin...all offer estimates about home vaules and, sometimes, they vary wildly from one another. I tend to take the average of the three and figure that might be pretty close to an accurate estimate.
Most realtors I know absolutely hate zillow because the estimates are way off and just a guess at best.
Most realtors I know or have worked with say Zillow can vary greatly, above and below, a home's actual value. I've looked at it before to gauge what is going on in my neighborhood in terms of prices. Homes don't stay on the market long where I live.
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