Well, my house was like 725k like 3 months ago, and i checked today and its only 650k! Has the market actually crashed that much?? Cause my neihbors houses didn't change at all.
So, of what you know, is zillows accurate?
Thanks!
2007-03-10 15:33:38 · 8 answers · asked by me 4 in Business & Finance ➔ Renting & Real Estate
Zillow is a marketing device providing a free service in exchange for banner ad space. It is based on assessments and recent sales when available. It is not accurate and never will be. No web based home pricing engine free or otherwise is within 15% +/- of accurate on a national average.
Since most people will believe whatever they see on a computer screen these services fool many people into a unrealistic assumption of what their home is really worth. Your local market sets comparable value and that changes with sales activity, market time, and investor activity. When you are ready to sell have a competent agent provide a comparable market report. Look at some of the comps used in the CMA and compare them to yours. A buyer and appraiser will determine your real value for you. Your agent will set a estimated price that should attract such a buyer.
2007-03-10 19:42:04 · answer #1 · answered by Myron 4 · 3⤊ 0⤋
Define "Accurate". Zillow pulls public information on your property from county tax records. If the record is correct, so is zillow's report of your assessed value. If, like the 98% of records we see, it's wrong, so is your assessed value. Now, even if your assessed value is correct, it is normally much lower than the market price of your home. Your home may be correctly assessed at $650k for taxes but worth $725k to buyers on the market. Zillow doesn't advertise this fact because they want realtors to subscribe, tell clients to check zillow before they come out to list the home and then show them how they can sell for 10-25% more than Zillow's recommended price. Works every time!
2007-03-14 09:36:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
So far this is what I have learned... because no one actually looks at your house, (inside or outside) there is no way to know what your house is worth. There have been times when zillows put a dollar amount on a house and the address turned out to be a vacant lot. So I wouldn't get all worked up over it. If you are concerned, for 300 bucks you can get a real appraisal done. Unless you are ready to move already, I wouldn't worry. Hope this helps.
2007-03-10 15:40:07 · answer #3 · answered by kelly 2 · 1⤊ 0⤋
Zillow itself actually says that in their most accurate markets, they are within 10% accuracy. (Which is still very inaccurate if you think about it.)
In their worst, they are off by more than 50%. There was just a big article in Fortune or Forbes about Zillow and those were their assessments of their accuracy. They claim that within the year they will be more accurate.
I bet in 5 years they'll be VERY accurate, but for now, in most places, they just give you a rough idea. In Minneapolis where I live they aren't very accurate yet.
2007-03-10 18:12:17 · answer #4 · answered by axaroth 3 · 0⤊ 0⤋
Yes they are, I just received my 2007 estimate inPotomac Falls VA (Cascades) and it is not off by that much.
Last year my assessment was $820,000 from Loudoun County and Zillows was around $800k. This year Zillows is around $770k and my assessment from Loudoun County is around $780k. I would say that they are pretty accurate.
2007-03-10 15:53:06 · answer #5 · answered by schneid123 3 · 0⤊ 0⤋
It isn't worth stressing about. Values are reflected by recent activiity in your neighborhood. If you aren't selling right now, it's not worth getting worked up about.
2007-03-10 15:42:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I believe a house is worth what some one is prepared to pay for it.
2007-03-13 02:04:00 · answer #7 · answered by Ollie 7 · 0⤊ 0⤋
it works ok for me, but i don't think it is that accurate. Google for different site.
2007-03-10 15:41:02 · answer #8 · answered by Lady-bug 2 · 0⤊ 0⤋