[JMintzer]

Originally Posted by OrangeBlossomBaby

Yes, it's one of the most used. It's also one of the least reliable with regards to actual value of the homes, and whether or not the home is even available for sale. I saw a home on there last week that said it was available for sale, and it was sold a month ago and had been pending for two months before that. Again, it was an MLS listing from a nationally-known real estate company, so it's not like it was some obscure listing that might take a few months to update.

Go figure, that people might find something useful even in something unreliable.

"Least reliable" based on your extensive studies of their algorithms...

[Bay Kid]

Hard to give a real value of your home without seeing it in person. These companies give a range. Most are close in neighborhoods, but unusual properties are more difficult. Always good to get 2-3 estimates from seasoned agents.

[TheMoyers]

I will never deal or use Zillow. True story here. We bought land and built a beautiful house in NY along the Hudson river. Years later we went to sell, and listed it with a local realtor we knew and trusted as we made our move to TV. Zillow showed it with an absolutely horrible photos and showed the previous sale amount as being what we paid for the land. So now potential buyers see a greedy seller who is asking for 10 times his buying price in 7 years. We tried to get Zillow to correct it, and they did not. Our relator tried to get them to change it and was ignored. Zillow without a doubt adversely affected our time and value on selling that house.

[Pedrocarrasco01@yahoo.com]

Originally Posted by Bay Kid

Hard to give a real value of your home without seeing it in person. These companies give a range. Most are close in neighborhoods, but unusual properties are more difficult. Always good to get 2-3 estimates from seasoned agents.

You will get a lot of estimates on these sites, most people don’t do research on the biggest sale, I had a seasoned agent tell me that our home in the Chesapeake Bay (Great Wicomico River) was worth $$$ I disagreed and priced the home 40k over her estimate, home sold in a slow market (2002) in 30 days, I did the research on actual past sales not by square footage but by location in the River (Tributary of Chesapeake Bay).
Do your own research, use the information on Zillow, Redfin and Realtor.com as a guide, base on sales within 2 months, lots of information, however the price is actually set by what the buyer wants to pay!!!!

[Proveone]

What's your point?

[graciegirl]

Originally Posted by Boomer

We are not buying or selling in either place right now, but I have been fascinated by real estate markets for most of my adult life. Just when I thought I had seen it all — along comes the current insanity.

While I agree with those who say this overall market is different from the big, popped bubble, that does not mean that I think it is sustainable. At some point, buyers will get tired of feeling had and the US market will breathe. (I hope banks do not start handing out HELOCs based on what could turn out to be phantom equity.)

(But TV’s market is different. Potential buyers might feel like they are caught between The Village of Rock and The Village of Hard Place where the buy price is concerned. But no matter what that famous philosopher Mick Jagger told us, a long time ago, time is not on our side — anymore. And, besides, in most cases, the house owned elsewhere is going to sell overpriced. TV marketing knows all this, of course.)

But back to the overall US market. . .

I just now looked at Zillow and at realtor.com to see what their algorithms “think” about what houses we own, and have owned, are worth. On the northern house, both seemed unrealistically high.

How realistic can those sites possibly be? There is no human element involved in the pricing? Are those sites just a starting or stopping point? Are they just pie in the sky? Are they just as often too low on their estimations?

Boomer. . .

(Btw, it is a little weird to look at realtor.com because they do not appear to remove the old pictures from the last time the house was sold. So if you think you miss your old furniture, you might be able to visit it on realtor.com if you listed with the MLS.)

I always look at these sites to get a general idea of a homes worth. The other issue of how long can this escalation of home prices go on? As long as the market will bear.

It is happening everywhere. A home is worth what it sells for.

[dewilson58]

Originally Posted by Proveone

What's your point?

who iz u talking 2 ??

[sallyg]

The "zestimate" is an estimate. The asking price is the first large bold price you see when you look at a house on the Zillow site. I rarely even look at the zestimate. It is not the price the seller is asking.
I find Zillow a great resource to get a look at a home I might be interested in buying. It helps narrow the choices and provides a lot of useful info.

[JOEMAN]

I am an appraiser in Michigan. Have been for 38 years, still working. We just bought a home in TV. Zillow is considered a recreational site and not relied upon for true, current, accurate values. They are great with the pictures, mapping and they try and keep on reporting sales price information, but to consider them as your only source to determine your value, would be a big financial mistake. Get an appraisal or at least a market analysis from a good realtor.

[J1ceasar]

Even estimates based on current sales can be off simply because the next day the Federal Reserve May raise loan rates or the unemployment figures may come out. You have to use your brain and think about the current situation a little bit. Everything is an estimate until you get a real offer based on a client and has cash or mortgage in hand

[kendi]

Originally Posted by Babubhat

Zillow ranges are so wide they have little use. When a house sells they adjust the Zillow price to it and their algorithms update. Just look at comparable sales on your own

That must be why Zillow had our house up north priced $70,000 less than what it appraised for. We had owned it for over 30 years. Bought it for much less than the Zillow estimate of course so They did up the price over those decades but not up to its current value.

[Queenie504]

What is your point??? Supply and demand determines price.

[meridian5850]

We sold my mother's house through a real estate agent friend of hers back in February. The agent's suggested listing price was $30K lower than Zillow's estimated price. Mom wanted it listed at Zillow's price and that's what it sold for.

[Topspinmo]

Originally Posted by Boomer

We are not buying or selling in either place right now, but I have been fascinated by real estate markets for most of my adult life. Just when I thought I had seen it all — along comes the current insanity.

While I agree with those who say this overall market is different from the big, popped bubble, that does not mean that I think it is sustainable. At some point, buyers will get tired of feeling had and the US market will breathe. (I hope banks do not start handing out HELOCs based on what could turn out to be phantom equity.)

(But TV’s market is different. Potential buyers might feel like they are caught between The Village of Rock and The Village of Hard Place where the buy price is concerned. But no matter what that famous philosopher Mick Jagger told us, a long time ago, time is not on our side — anymore. And, besides, in most cases, the house owned elsewhere is going to sell overpriced. TV marketing knows all this, of course.)

But back to the overall US market. . .

I just now looked at Zillow and at realtor.com to see what their algorithms “think” about what houses we own, and have owned, are worth. On the northern house, both seemed unrealistically high.

How realistic can those sites possibly be? There is no human element involved in the pricing? Are those sites just a starting or stopping point? Are they just pie in the sky? Are they just as often too low on their estimations?

Boomer. . .

(Btw, it is a little weird to look at realtor.com because they do not appear to remove the old pictures from the last time the house was sold. So if you think you miss your old furniture, you might be able to visit it on realtor.com if you listed with the MLS.)

You can ask as much as you want, they can guesstimate what ever they think it worth. But, bottom line is how much it appraises for and how much buying willing to give. Housing market way over inflated right now due or material costs and labor shortages. Bottom line cash is King.

Very true my house sold 7 years ago and still shows my pictures. I think the show last sale of house if it’s off the market. It’s takes some digging not being up old pictures of last sale it house off the market.

If I was selling house in villages I wouldn’t spend dime on interior upgrading, ever house in my neighborhood the new owners remodeled to suit their tastes and in most cases the previous owners spent 10K to 35K plus and new owners just torn it out or redone it.

[Boomer]

Originally Posted by Proveone

What's your point?

Hey! Ya talkin’ tuh ME!?

Not that I owe you, or the horse you rode in on, any explanation, but in case it is MY “point” that has you befuddled, I will answer. . .

I absolutely love to talk about real estate markets. I have FSBO’d several times and used agents other times.

Decades ago, I got a license and went through in-house training with the biggest broker in my home city. Played around in it, a little, but did not quit my day job — never intended to.

In those days, we could not afford to maintain the Ohio license and all the associated expenses for what was pretty much just a hobby for me — and full-time had never been considered. Kept my day job for 35 years. No regrets. But everything I learned from spending my “15 minutes” as an agent was valuable — still is.

I hope this thread turns into the sharing of experiences with buying and selling our homes. (That is called “conversation” — OK w/ you?)

Boomer

Addendum: I just looked back after posting this and it looks like I might have picked up another heckler with a “what’s your point” post. Geez. . .So — Queenie whoever — please see above — in case you’re talkin’ to me.)