How realistic do you think Zillow home price estimates are?

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Old 12-30-2019, 10:47 AM
DAVES DAVES is offline
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Default My two cents worth

Originally Posted by View Post
When we put our house up for sale in So. Fla. at $475,000 Zillow estimate was $450,000. When we lowered it to $435,000 it estimated it to be $414,000! We sold it now the estimate is $441,000. Go figure!
Dates are obviously important but omitted from your post.
Zilliow supplies a range as well as the zillow price. If, the zillow price on your property was 450 and you listed at 475. I wonder why you listed it so much higher. I suspect a realitor looking to get you tied up with a listing told you they could get you 475 and then later when you wondered why it was not selling told you to lower it to 435. You do not say what you sold it for, just that it is now estimated at 441. Zillow also provided expected rate of increase or decrease.

In any case, I would not, I do not, fret over past decisions. I investigate and then make a decision. If, it is or was a wrong decision I am comfortable knowing that based on the facts I had at the time I made the right decision.

Last edited by DAVES; 12-30-2019 at 10:48 AM. Reason: spelling
Old 12-30-2019, 11:04 AM
DAVES DAVES is offline
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Default It may have changed

Originally Posted by Boilerman View Post
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.
As I've stated elsewhere, Zilliow provides the zillow price but also provides a range. The zillow price is usually in the middle of the range price and the difference from the low to the top is 3-4% down and 3-4% up.

You can and people do list a home at any price they wish. A friend needed to sell his home. The bank was going to foreclose. He priced it for way over the zillow price. When, I asked why, the reason was that he needed that much to cover the two mortgages he had on the property. It was foreclosed on. Yes, I did get the money I stupidly lent to him but, I lost a friend?
Old 01-02-2020, 03:24 PM
Brendanyc Brendanyc is offline
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I had this issue after I bought my 2nd home in Hillsborough. We originally purchased in Bonita and stayed a short time. The Hillsborough house is large, 4 bedroom. We installed a 2000 square foot lanai with a pool. Zillow didn't know that. On Zillow there is a place to update your property and add in all the addition. Somehow they calculate and lo and behold your median range is truly reflective of current market value.
Old 01-11-2020, 03:39 PM
villagerjack villagerjack is offline
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Default Lots matter

Originally Posted by starflyte1 View Post
Do you think the Zillow home estimate is even close to the value of your home?
Zillow does not give value to the lot view, a huge factor in The Villages.
Old 01-12-2020, 03:06 PM
CoachKandSportsguy CoachKandSportsguy is offline
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Default Estimates are not false information

Originally Posted by starflyte1 View Post
I have never sued anyone in my life, and am generally against doing so. However, I can not believe that someone hasn't filed a class action lawsuit against Zillow, for publishing false information.
Zillow uses data only to create an estimate for a house. The data is always incomplete and the data will always be incomplete. The data they use does not have particulars as to the quality of the house. Also, people have independent views and biases that don't see a generalized answer as accurate if they have personal bias or knowledge. Likewise, your realtor will give you an estimate for the sale price of a house, but seldom does the house actually sell for that exact number.

There would be no basis for a lawsuit against zillow for creating an estimate of the house for that area based on houses in that area for a non sale public internet search. I work with data and forecasts and estimates for a living, and always remember, the future is uncertain, and sometimes the future is more uncertain than at other times. The data will always be incomplete, such as a individuals taste or a view of the quality of the house.

Old 01-12-2020, 07:50 PM
Boomer Boomer is offline
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There is a book titled Zillow Talk.
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home, zillow, close, estimate, realistic

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