Zillow

[Piobaire]

What do our local real estate pros think of the "zestimate"? Of any worth, or so arbitrary as to be useless?

 

[Slopho]

Originally Posted by Piobaire

What do our local real estate pros think of the "zestimate"? Of any worth, or so arbitrary as to be useless?

The zestimates seem high, the bigger problem is that the property taxes are off.

 

[Piobaire]

Originally Posted by Slopho

The zestimates seem high, the bigger problem is that the property taxes are off.

High in some areas, very low in others. It's interesting to see, in different parts of the country, whether it's off up or down, and by how much vs. recent sales.

 

[Slopho]

Originally Posted by Piobaire

High in some areas, very low in others. It's interesting to see, in different parts of the country, whether it's off up or down, and by how much vs. recent sales.

Different parts of my county. I could get the same house about 30 minutes away in a non-incorporated town and pay a lot less.

The following may be too much inside baseball for Maryland residents but I found a place in Olney that is going for about $399,000. A comparible in Rockville goes for about $550,000. Nutty.

 

[gnatty8]

Good for a swag, but that's about it. I would expect they are anywhere from 10% to 20% off, but I don't think there is bias..

 

[alexwgoody]

They can be way way way off. my friend lives in a 24,000 sq ft mansion that is the most amazing house I've ever seen. according to the last time I was on Zillow, it is worth 1.5 million. He bought it for 4 in 1991, and that was considered cheap then, and real estate prices have only gone up since. (well, not in the last 6 months, but I checked about a year ago)

 

[gnatty8]

Another interesting data point. When I was checking my house on zillow after reading this thread, I noticed that one of my neighbors has their house up for sale (our covenants do not permit anything more than a very discrete for sale sign, so I must have just missed his); the zillow zinger? His house is listed for $2.5MM and the Zestimate was $800,000..

 

[nate10184]

Originally Posted by gnatty8

Another interesting data point. When I was checking my house on zillow after reading this thread, I noticed that one of my neighbors has their house up for sale (our covenants do not permit anything more than a very discrete for sale sign, so I must have just missed his); the zillow zinger? His house is listed for $2.5MM and the Zestimate was $800,000..

I think the accuracy may be based on how much data zillow can collect about sale prices. In my county its very easy to find out how much houses have sold for and the data is reflected in zillow. I suspect this information isn't as readily accessible in other areas. I know our neighbor just sold their house for more than zillow estimated and the value of our home jumped accordingly.

 

[Slopho]

Originally Posted by nate10184

I think the accuracy may be based on how much data zillow can collect about sale prices. In my county its very easy to find out how much houses have sold for and the data is reflected in zillow. I suspect this information isn't as readily accessible in other areas.

I know our neighbor just sold their house for more than zillow estimated and the value of our home jumped accordingly.

The assessed value or the Zillow value?