Author Topic: Accuracy of Zillow?  (Read 2363 times)

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gragravar

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Accuracy of Zillow?
« on: October 25, 2006, 11:09:18 PM »
have you guys checked out

http://www.zillow.com

????

if so, how accurate do you feel it is for your neighborhood?  If it is accurate color me plesantly surprised on my house's value!
Any man who can drive safely while kissing a pretty girl is simply not giving the kiss the attention it deserves.  ~Albert Einstein

jfrahm

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Re: Accuracy of Zillow?
« Reply #1 on: October 25, 2006, 11:33:34 PM »
I's not good for my neighborhood, but there is a big delta between the old tract houses that have never been renovated and the newer places with upgrades.  Overall it looks like the high prices are caused by square footage that might be a haphazard addition and worth a lot less than zillow lets on.
It does not seem to take things like views into account, maybe not even traffic.

I wonder if it takes square feet and recent listing prices into account and that's it?

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Re: Accuracy of Zillow?
« Reply #1 on: October 25, 2006, 11:33:34 PM »

92UrS4

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Re: Accuracy of Zillow?
« Reply #2 on: October 25, 2006, 11:48:18 PM »
It really depends on teh area, it is pretty accurate value wise for my house, but lists my house as being on the other side of the street. My co-workers house, which is now 2 years old, is listed as a condo for like $100K and it is a $400 house. So there ya go.

jayryan

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Re: Accuracy of Zillow?
« Reply #3 on: October 26, 2006, 02:15:03 AM »
Wrong house, wrong SF, wrong bath count, wrong value. Everything listed is a lot lower than what they're selling for...when they sell :lol: If I could buy another place now, I would.
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aowhaus

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Re: Accuracy of Zillow?
« Reply #4 on: October 26, 2006, 02:24:15 AM »
I agree, it's the most accuate for populated urban/metropolitan cities, such as New York.  The values are based on tax assessments, recent sales/transactions, MLS listings histories, etc. -- so areas that have more & frequent activies like these will have a more accurate pricing.  Also vacant land, special zoned or assessed properties, etc. will often screw up the data in the area, so that's why rural and suburban neighborhoods often have skewed values.  
It also doesn't take into account the condition of the property.

The value of my loft was very close, however the range of prices of the other units in my building was very inconsistant, from being undervalued by $40,000 (the smallest unit) to overvalued by $25,000 (the largest unit).

It's a cool site and I hope it will improve over time.
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92UrS4

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Re: Accuracy of Zillow?
« Reply #5 on: October 26, 2006, 01:08:47 PM »
Good point Alan, there has been some good activity in my neighborhood and the surrounding hoods so the values are pretty darn close. There is a lot of good MLS and county info available too.

In my co-workers case, the neighborhood is only a couple years old and other than the original buyers their really haven't been any property sales.

jayryan

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Re: Accuracy of Zillow?
« Reply #6 on: October 26, 2006, 01:19:17 PM »
We've had very, very little activity in my neighborhood and there's such a difference between really nice places (mine) and really crappy places (neighbor's).
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03Indigo

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Re: Accuracy of Zillow?
« Reply #7 on: October 26, 2006, 01:48:04 PM »
my neighborhood is barely listed, my house does not even exist on the system.

my old house was valued at $23K less than I sold it for last year....but the other info was correct.

92UrS4

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Re: Accuracy of Zillow?
« Reply #8 on: October 26, 2006, 02:00:47 PM »
I just looked mine up, haven't looked in months, stuff is way off now. Not sure how it changes so drastically. It now lists us as having half the bathrooms and less sqft

Lila

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Re: Accuracy of Zillow?
« Reply #9 on: October 26, 2006, 02:43:54 PM »
Put your house up for sale and wait (6 months to 1 year) for an offer.  Then you will know what your place is worth.

92UrS4

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Re: Accuracy of Zillow?
« Reply #10 on: October 26, 2006, 02:44:34 PM »
haha, good point.

Cole

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Re: Accuracy of Zillow?
« Reply #11 on: October 26, 2006, 03:11:05 PM »
Mine does not exist on there. The price it shows for the nearby neghborhood is about $250K low.

So I would say not a tool you could really rely on.

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