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Old 12-20-2013, 01:29 PM
 
767 posts, read 1,845,335 times
Reputation: 413

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I just had to wake this thread up...we are in the middle of selling our house FSBO because of posting a "Make Me Move" price on Zillow about a year ago. Everyone in this thread was calling it useless, crazy, etc....Boy how quickly times change...
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Old 12-20-2013, 04:33 PM
 
Location: Southern California
4,453 posts, read 6,781,765 times
Reputation: 2238
Good luck, how does your make me move price compare to the zestimate, compared to the contract price? I thing the Make Me Move Price is a fun entertainment thing. Zillow make my life hard when people say, "But Zillow says ..."
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Old 12-22-2013, 02:11 PM
 
Location: Hillsborough
2,825 posts, read 6,914,833 times
Reputation: 2669
We have a showing set up this week from a Make Me Move too. The listed price is about 3% higher than Zillow's current "zestimate".
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Old 12-22-2013, 03:40 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,692 posts, read 29,691,842 times
Reputation: 33265
Default Nonsense sentence

Quote:
Originally Posted by ADVentive View Post
The listed price is about 3% higher than Zillow's current "zestimate".
This makes are much sense as writing "The listed price is about 3% higher than chocolate pudding."

Never, ever pay attention to the Zestimate unless banana cream pie is important.
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Old 12-22-2013, 04:03 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 22 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by ADVentive View Post
We have a showing set up this week from a Make Me Move too. The listed price is about 3% higher than Zillow's current "zestimate".
Watch the market value.
Your buyer will probably want an appraisal, and certainly will want one if they are borrowing.
Zillow may be above market value with their Zestimate, so you may not have a deal at your price.

And, you may be underpriced, too.

I just pulled 5 sales in Durham from the last week.

1 @ 6.6% over Zestimate.
1 @ 5.3% over Zestimate
1 @ 3.7% over Zestimate.
1 @ 2.5% under Zestimate.
1 @ 6.8% under Zestimate
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Old 12-23-2013, 07:49 AM
 
4,567 posts, read 10,625,503 times
Reputation: 6725
Even with Zillow's errors on esimates. Those percentages are pretty darn close. I find Zestimate is good for finding the good area of town vs the bad area of town. I look at the overall prices on zillow, not so much the specific price on a single home.
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Old 12-23-2013, 08:33 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 22 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by 399083453 View Post
Even with Zillow's errors on esimates. Those percentages are pretty darn close. I find Zestimate is good for finding the good area of town vs the bad area of town. I look at the overall prices on zillow, not so much the specific price on a single home.
But, the OP is pegging his MMM price to Zestimate, and could be giving away a nice chunk of equity, or failing to appraise and losing the sale.

I hope he fills us in on the outcome.
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Old 12-23-2013, 08:46 AM
 
Location: Hillsborough
2,825 posts, read 6,914,833 times
Reputation: 2669
Quote:
Originally Posted by davebarnes View Post
This makes are much sense as writing "The listed price is about 3% higher than chocolate pudding."

Never, ever pay attention to the Zestimate unless banana cream pie is important.
I didn't mean to imply that I thought that the zestimate was an accurate market value. I was just answering the question the other poster asked, "how does your make me move price compare to the zestimate, compared to the contract price?"

I have talked to 3 Realtors in the last month who have given me their idea of what I should list my house for, because we were talking about listing in the spring so have been interviewing realtors in preparation. We just put up the Make Me Move on Zillow just because why not. We weren't really expecting anything to come out of it, but I think it can't hurt and it's easy to do, so we just did it.

The first realtor thinks I should list for $215K. The other two put me between $235-245K. Our issue in our neighborhood is that we are still competing with new construction, and the builder has started building for really cheap now, at least as far as $/sf. The first realtor told us that people will want a "discount" to buy our "used" house instead of just getting a new one, which is why he came in so low. He doesn't think people will really care that we have upgrades that the current new construction homes don't have.

Zillow's zestimate is now $242K, which is what we paid for it in 2007. The zestimate is down from $250K 3 months ago, and $260K 6 months ago, and $280K 9 months ago. I have no idea why the zestimate fluctuates so much, but it averages around $260 over the past few years, and is currently at its record low - maybe because the builder's comps are bringing us down. Our Make Me Move is for $249K.

Our Make Me Move showing cancelled on us yesterday, but rescheduled again for next Sunday instead. Who knows if anything will come of it. I'll try to remember to update if/when they actually come. From what the guy told me on the phone, he is looking for a 5 bedroom house, which is what we have. There are a lot of 4 bedrooms around, but 5 bedrooms are not so common, and the current builder in my neighborhood doesn't have any 5 bedroom plans (my house was from a different builder who is no longer in the neighborhood). When I search MLS for 5 bedrooms in my school district, there are not many choices, and they are all much more expensive than my house, starting at around $330K. So, if he really wants 5 bedrooms, then maybe that's why he came to me off the Zillow Make Me Move.
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Old 12-26-2013, 07:38 AM
 
Location: Southern California
4,453 posts, read 6,781,765 times
Reputation: 2238
Quote:
Originally Posted by davebarnes View Post
This makes are much sense as writing "The listed price is about 3% higher than chocolate pudding."

Never, ever pay attention to the Zestimate unless banana cream pie is important.
Well I did ask. The OP isn't using the Zestimate, but I'm curious how close it gets to a closed sale. Everyone knows that the Zestimate isn't going to be used for valuation.


Quote:
Originally Posted by MikeJaquish View Post
Watch the market value.
Your buyer will probably want an appraisal, and certainly will want one if they are borrowing.
Zillow may be above market value with their Zestimate, so you may not have a deal at your price.

And, you may be underpriced, too.

I just pulled 5 sales in Durham from the last week.

1 @ 6.6% over Zestimate.
1 @ 5.3% over Zestimate
1 @ 3.7% over Zestimate.
1 @ 2.5% under Zestimate.
1 @ 6.8% under Zestimate
I'd gladly take 6.8% below my zestimate.

Quote:
Originally Posted by ADVentive View Post
I didn't mean to imply that I thought that the zestimate was an accurate market value. I was just answering the question the other poster asked, "how does your make me move price compare to the zestimate, compared to the contract price?"

I have talked to 3 Realtors in the last month who have given me their idea of what I should list my house for, because we were talking about listing in the spring so have been interviewing realtors in preparation. We just put up the Make Me Move on Zillow just because why not. We weren't really expecting anything to come out of it, but I think it can't hurt and it's easy to do, so we just did it.

The first realtor thinks I should list for $215K. The other two put me between $235-245K. Our issue in our neighborhood is that we are still competing with new construction, and the builder has started building for really cheap now, at least as far as $/sf. The first realtor told us that people will want a "discount" to buy our "used" house instead of just getting a new one, which is why he came in so low. He doesn't think people will really care that we have upgrades that the current new construction homes don't have.

Zillow's zestimate is now $242K, which is what we paid for it in 2007. The zestimate is down from $250K 3 months ago, and $260K 6 months ago, and $280K 9 months ago. I have no idea why the zestimate fluctuates so much, but it averages around $260 over the past few years, and is currently at its record low - maybe because the builder's comps are bringing us down. Our Make Me Move is for $249K.

Our Make Me Move showing cancelled on us yesterday, but rescheduled again for next Sunday instead. Who knows if anything will come of it. I'll try to remember to update if/when they actually come. From what the guy told me on the phone, he is looking for a 5 bedroom house, which is what we have. There are a lot of 4 bedrooms around, but 5 bedrooms are not so common, and the current builder in my neighborhood doesn't have any 5 bedroom plans (my house was from a different builder who is no longer in the neighborhood). When I search MLS for 5 bedrooms in my school district, there are not many choices, and they are all much more expensive than my house, starting at around $330K. So, if he really wants 5 bedrooms, then maybe that's why he came to me off the Zillow Make Me Move.
3 Agents said they think your places should list between $215 and $245, but you are finding 5 Br for sale for $330k. Something seems wrong. You should be basing your price based on what sold. I don't really get the 330k to 245k spread.
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Old 12-26-2013, 11:29 AM
 
Location: Danbury CT covering all of Fairfield County
2,626 posts, read 7,408,681 times
Reputation: 1372
Could it be the square footage of a 5 bedroom home is the same as you find would in the 4 bedrooms homes that are in the neighborhood?
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