How realistic do you think Zillow home price estimates are?

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Old 12-29-2019, 07:22 AM
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Spoiler Spoiler is offline
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Originally Posted by ColdNoMore View Post

And as we all know, it's actual 'worth' will be established by whatever amount willing to sell for/pay.

I've used Zillow & Trulia, both buying & selling, to get a very rough estimate...ONLY.

What I do look for though, are homes in the general area that have actually been sold recently (sales prices are often posted on other homes nearby) and then try to compare the SF price, amenities, upgrades, Etc., the house I'm interested in.
I think this sums it up for me exactly....
Old 12-29-2019, 08:41 AM
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Originally Posted by Villagesgal View Post
Not even close if you live on a golf course. They use sale prices in your general area which includes homes outside of the villages and doesn't include golf course or lake front properties. So, no, they are not accurate at all.
Checked out Zillow pricing in my immediate neighborhood. There were significant differences between golf front and non golf front properties.
Old 12-29-2019, 10:33 AM
OhioBuckeye OhioBuckeye is offline
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Zillow is pretty much an open publication from any state. I've never sold a home on Zillow, as a matter of fact I've never ever sold anything on Zillow. I think Zillow sells because it can be seen from a lot of states. I would never sell anything on Zillow because there's to many bad people on it. Just my opinion! If someone doesn't like my input that's OK because like I said, it's just my opinion. Good luck selling you home with whoever!
Old 12-29-2019, 10:54 AM
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Over the last several years I have monitored half a dozen homes owned by family members on Zillow. One runs consistently high; the others are fairly valued. One bounces around in value on Zillow as it does IRL. Unless a house is unique in an unobvious way its Zillow estimate is likely fairly accurate IMHO.
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Old 12-29-2019, 01:01 PM
Ann Marie Acacio Ann Marie Acacio is offline
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Default How realistic do you think Zillow home price estimates are?

Zillow estimate was 30K less than the asking price for the home we recently sold in PA by owner. Happy to say we got our asking price! I don't trust Zillow's estimates since they're sight-unseen of the actual house.

PA for 77 years, Wilkes-Barre area, now TV full-time!
Old 12-29-2019, 01:09 PM
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Default's an estimate. Period.

The Zestimate® home valuation model is Zillow’s estimate of a home's market value. The Zestimate incorporates public and user-submitted data, taking into account home facts, location and market conditions.
It is not an appraisal and it should be used as a starting point.
Mr. Helpful
Old 12-29-2019, 01:17 PM
b0bd0herty b0bd0herty is offline
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Not that Zillow is accurate but, I tend to believe that The Villages inflates the homes value.
Old 12-29-2019, 03:25 PM
Rosebud2020 Rosebud2020 is offline
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Originally Posted by retiredguy123 View Post
I wouldn't blindly trust anyone regarding the value of a house. The best way to feel comfortable about a sale price is to gather as much information that is available. The county website is supposed to indicate permitted upgrades and often does. [B]And, what a person paid for their house sometimes indicates how much they are willing to sell it for, especially if they haven't owned it very long and are trying to make a huge profit.[/B] Both Zillow and Realtors do comparative market analyses in preparing an estimate. But, the Realtor's primary goal is to sell houses and make a commission, not to do accurate estimates. Very few people are willing to pay an appraiser unless they are forced to by the bank. The published data does not indicate that Zillow estimate are usually high. These are facts.

Blindly trusting anyone regarding the price of a house could only be by word of mouth and that would be insane without any back-up information.

The county only tells you that a permit was issued. It doesn't even tell you that the work has been completed nor does it indicate the materials used or the quality of the work.

What a person originally paid for their home has nothing to do with what they might accept as a selling price. You would only be guessing or have wishful thinking.

Have you even seen or received a market analysis done by Zillow? No, I thought not. However, that is what Realtors do. You will get in in writing with all the current facts clearly explained and outlined. The facts given are clearly provable.

Of course a Realtor's goal is to make a commission when they sell a house. Just like any sales job, that's their profession! As far as accurate market analyses, you are incorrect. They don't "fudge" or misrepresent information; their report is based on substantiated facts as mentioned above.
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The best way to determine value is of course to look at sold “comparable homes with similar amenities and similar location” - go to open houses if you are thinking of selling!! Buyers do this to determine value. An appraisal is only good for approx 3-6 months max. As a prospective buyer-I will go to as many open houses in my price range as possible so I can determine what is a fair value - it will be very easy to determine what is overpriced as well. I may or may not look at Zillow but I would definitely use local Real Estate agent to assist me with the entire process because they will know the local market.
Old 12-29-2019, 03:33 PM
pdp07 pdp07 is offline
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That is like saying that all houses of the same sq ft should sell for the same price, regardless of upgrade or condition. If they have not seen your house, how accurate can the guesstimate be. Knowing how inaccurate they are, even Zillow made up a word Zestimate to Cover Their A__.
Old 12-29-2019, 06:33 PM
starflyte1 starflyte1 is offline
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Someone explained that Zillow prices homes on sale price and tax paid, and an average of all the homes in the area.

Because I have owned my home 10 years, the price has not changed in 10 years, and due to save our homes, pay a very low tax rate.

I do not like the estimate of my home, but try to understand why it is so low.
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Old 12-29-2019, 07:16 PM
BCover BCover is offline
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From my experiences Zillow is fairly accurate.
Old 12-29-2019, 09:21 PM
KRM0614 KRM0614 is offline
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Agents here are not realstic Zillow lets you post own price and they’re free why pay commission for doing so little
Old 12-29-2019, 09:52 PM
Boilerman Boilerman is offline
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My experience selling and buying several homes recently is that Zillow is a great starting point and their estimates are within about +/- 5%. We have found Zillow very useful.
Old 12-30-2019, 07:56 AM
starflyte1 starflyte1 is offline
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Originally Posted by Chi-Town View Post
Checked out Zillow pricing in my immediate neighborhood. There were significant differences between golf front and non golf front properties.
This may be true for newer neighborhoods, but does not seem to be true when a home hasn’t been sold in ten years.
Village of Hacienda East
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home, zillow, close, estimate, realistic

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