Is www.zillow.com accurate? And how up to date is it really?

Answer 1

As an example, we paid cash for our house. zillow shows the previous loan (foreclosure actually) TO THE DOLLAR as the "zestimate" on our house. My neighbor paid 1/2 cash and financed the other 1/2, and sure enough her house is valued at the exact 1/2 that she financed.

I have looked into other sites and found that they tend to use loan or tax assessment info. Their estimates generally have nothing to do with actual current market conditions unless all of the homes in your neighborhood have sold within the last 30 days.

Answer 2

I am a real estate agent in the state of Alabama. Have been following the progress of the site since it opened a few months ago. They still have features to add . .looks like a great site to me but comparables are really the way to go and it's difficult for any web site to keep up with those to a tee, so good old-fashion footwork helps here - what are surrounding properties selling for TODAY? What value-adds does your property have that others do not? Brick or wood? Common sense prevails and if you really take a hard look at your property coupled with the above you can come up with the value range price.

Answer 3

As a real estate agent I find zillow interesting. But when pricing or buying a home, find out when the ZillowMan was in the home to evaluate it. :-)

It is an interesting starting point, but only a start. I find that the information contained there are often dated and often inaccurate. The records that it uses is not generally up-to-date and may have as its basis the last sale and calculations based on general marketing price formulas. A "good" real estate agent has the tools to give you a good market analysis based upon your home's location and condition. Use one.

Answer 4

The zestimate is always off. I use it as a comp tool, along with MLS and my title company comps. If you're going to use that site, then just look at the comps of sold homes.

The website is very upto date.

Regards

Answer 5

I know in Los Angeles, the market has softened, and the Zestimates are all way to high given current market conditions.

Answer 6

Maybe. But you should use it only as a starting point. Real estate market isn't as simple as some models and calculations. You should call a local appraiser for better judgement.