zillow.com (for real estate people) - Page 2 - Business, Finances and Investing Forum

Two Plus Two Forums Other Topics Business, Finance, and Investing

zillow.com (for real estate people)

Post Reply Subscribe

...

Page 2 of 2

1 2

Page 2 of 2

1 2

04-21-2008 , 02:24 PM

#26

PanchoVilla

journeyman

Join Date: Dec 2002 Posts: 295

Zillow is all over the map. I have seen it give dead on estimates and be 20% out of whack. For example I bought my house 1.5 years ago. According to Zillow I could have sold it the next day for a 18-20% gain and the house had been on the market for 45 days when I bought it....... It's still high by over 10% today.

It does show you recently sold, but you need to be able to look at them and adjust the price accordingly.

Quote

04-21-2008 , 05:19 PM

#27

PayPerChase

veteran

Join Date: Dec 2007 Posts: 2,405

Quote:

Originally Posted by GittyUP

Zillow is garbage. It doesn't work in changing markets and uses very blunt tools to value a property.

I use Realquest.com (paid subscription) and the MLS. Trulia.com also works well for finding active listings if you dont have access to the MLS I can value out a property with extreme accuracy in a few minutes with these tools. Great for sorting out potential deals from lots of leads.

Phenomenal post just glancing these look like good tools. You're a realtor then?

Quote

04-21-2008 , 05:31 PM

#28

GittyUP

adept

Join Date: Dec 2006 Posts: 865

Quote:

Originally Posted by PayPerChase

Phenomenal post just glancing these look like good tools. You're a realtor then?

Investor, wholesaler, and realtor. In that order as well.

Realquest pays for itself in one deal. The MLS is invaluable too but you need to be a realtor to use it.

Quote

04-21-2008 , 10:31 PM

#29

PayPerChase

veteran

Join Date: Dec 2007 Posts: 2,405

How much would a normal realtor charge me to pull comps and value a property? Never used one before.

Quote

04-22-2008 , 02:00 PM

#30

GittyUP

adept

Join Date: Dec 2006 Posts: 865

Quote:

Originally Posted by PayPerChase

How much would a normal realtor charge me to pull comps and value a property? Never used one before.

you could find one to do it for less then $50 Im sure. Or offer them a couple hundred to pull many comps on mnay properties. You might even find one to do it for free in exchange for future business.

EDIT: Avoid BPO (Broker price opinon) These cost ~$200 and are nothing more then an official opinion. Its more of a legally binding quote but quite unnecessary and expensive.

Quote

04-22-2008 , 02:06 PM

#31

dippity doo

enthusiast

Join Date: Dec 2007 Posts: 64

what about getting comps from a title company? it's a free service sometimes even if you're not closing deals there.

Quote

04-22-2008 , 04:50 PM

#32

PayPerChase

veteran

Join Date: Dec 2007 Posts: 2,405

Quote:

Originally Posted by dippity doo

what about getting comps from a title company? it's a free service sometimes even if you're not closing deals there.

Really? this is real? My good friend owns a title company.

Never discussed this with them

Quote

04-22-2008 , 05:40 PM

#33

dippity doo

enthusiast

Join Date: Dec 2007 Posts: 64

just tell him dippity doo referred you

Quote

04-22-2008 , 08:43 PM

#34

Fishhead24

veteran

Join Date: Jan 2007 Posts: 2,899

I plan on purchasing another house in around seven months.......I will be using zillow to aid my research.

Quote

04-22-2008 , 08:57 PM

#35

eastbay

Pooh-Bah

Join Date: Nov 2003 Posts: 4,347

Quote:

Originally Posted by PayPerChase

How reliable is info from zillow.com I've been referred to it but have never used it much in comping properties I look at. Is it reliable enough to where I can take the zillow estimated value of a property and use that to structure my offers and bottom lines?

No.

Two big flaws: the data is too old, especially in fast moving markets, the numbers can be absurdly out of phase. Second, their data mining methodology is fundamentally flawed. For example, they will list a foreclosure as a sale, with the price listed as the balance of the mortgage. This is just wrong on both counts and can badly skew the data in areas of high foreclosure rates.

Quote

04-22-2008 , 09:07 PM

#36

Thremp

banned

Join Date: Nov 2005 Posts: 36,452

Quote:

Originally Posted by eastbay

I remembered something vaguely like this. Thanks for explaining it again.

Quote

04-22-2008 , 09:35 PM

#37

NegativeZero

veteran

Join Date: Jul 2004 Posts: 3,358

Quote:

Originally Posted by eastbay

Confirms my points...

Quote

04-23-2008 , 01:25 AM

#38

spex x

Real Estate Mogul

Join Date: Jun 2005 Posts: 1,828

I've only glanced at zillow, but in my area the prices are way wrong. I'm sure there are some markets where zillow is closer. but either way to get bank financing you'll probably have to get a appraisal.

Quote

04-23-2008 , 09:06 PM

#39

PayPerChase

veteran

Join Date: Dec 2007 Posts: 2,405

Quote:

Originally Posted by spex x

Bank Financing? what's that

Quote

04-24-2008 , 01:13 AM

#40

jackblack73

grinder

Join Date: Apr 2005 Posts: 437

When I sold my last house 3 years ago Zillow had it at $100,000 more than it sold for. Needless to say, I wouldn't trust it.

Quote

04-24-2008 , 03:16 PM

#41

Daliman

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 14,911

First pic is Zillow. Second pic is appraiser/realtor comps.

Not that Zillow is always wrong; it's just that its non-factual information should only be used as a starting point.

Quote

04-24-2008 , 09:04 PM

#42

PayPerChase

veteran

Join Date: Dec 2007 Posts: 2,405

That chick is super ugly nasty in both pictures.... My perspective

Quote

04-25-2008 , 01:14 AM

#43

SossMan

Carpal \'Tunnel

Join Date: Apr 2003 Posts: 8,010

zillow is decent for areas where the homes are very similar in age/quality. Specifically, condos, newly constructed homes in stable markets, and neighborhoods with homogenious characteristics.

you must remember that until zillow has the ability to get interior photos of the home, determine the layout, properly adjust for lot size, figure out curb appeal, see if the neighborhood dynamics change, zillow will be flawed.

there is a reason that realtors/appraisers actually go to the property to check it out before determining value.

Quote

04-25-2008 , 11:07 AM

#44

mtgordon

old hand

Join Date: Apr 2005 Posts: 1,511

http://www.zillow.com/howto/DataCove...teAccuracy.htm FTW

Quote

04-25-2008 , 03:19 PM

#45

spino1i

Carpal \'Tunnel

Join Date: Jul 2005 Posts: 8,713

Quote:

Originally Posted by Daliman

First pic is Zillow. Second pic is appraiser/realtor comps.

Not that Zillow is always wrong; it's just that its non-factual information should only be used as a starting point.

still laughing!

Quote

04-25-2008 , 05:02 PM

#46

bonds

Carpal \'Tunnel

Join Date: Oct 2006 Posts: 11,754

For kicks, I "zillow'd" my house. I think the zestimate is pretty accurate - it's about what I'd be listing it for and is slightly over the taxable value.

That's good.

I also looked up the house next door. The owner died a couple years ago and the kids haven't spent much money keeping the place up. It's a wreck. At a minimum, it's going to need new siding (dry rot), a new roof and major interior remodel. The zestimate is only a few thousand less than my house - which I'm sure is a function of my neighbor's inflated tax value.

Not so good - off by at least 50k, probably more.

zillow's a lot of fun but I wouldn't rely on it for much!

Quote

Page 2 of 2

First

1 2

Last

Post Reply Subscribe

...

Page 2 of 2

First

1 2

Last