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How does Zillow come up with it's "zestimates?" I was looking at the Zillow estimates of the homes in our area. While they are lower than what the homes are currently listed at, I think the are realistic as to what the home would really sell for vs. the home sitting on the market for a year at the current price. Our home is currently listed (for to much $, but try to tell that to my husband.) I think if we listed it at their estimate, we might get some action! How do they get these numbers? Is it reliable? Thanks!
Not that reliable. Usually within 15-20% I'd say. Its a computer algorithm. Does not account for condition of property which is a huge selling point. (esp in older, established neighborhoods).
These websites are problematic. When selling, a figure represented as the sales price (we built anew home in 2005) was listed on Zillow, and it was our original contract price. We went 8 G higher in upgrades and that is what we finally paid for our home. We got offers at this wrong price exactly, and their agent stated they thought that was what we had "in" the house. Wrong!
Comps of recent sold homes are what should drive the price.
Location: When you take flak it means you are on target
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The management goes to the bar on Friday nights. They use two dart boards. One with a map of the US the other with random numbers. They then add the two together divide by 4 and there's your answer.
Oh, OK. they use a computer algorithm that takes various sales and the original purchase price into account and then makes a guess which will be anywhere from 20 to 2000% off.
well My question would be how accurated and updated is the info they are providing???
I just compared the zillow info vs the realltytrac and they are totally dispared...
either in price and estimations.....
Do you guys use these tools to search? do you have other suggestions?,
I would appreciate any comment
Zillow is great if you're the seller of the worst house in the neighborhood.
Zillow doesn't hear the 6-lane expressway directly behind your house, nor does it care that your kitchen was last remodeled when Ike was president.
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