- This topic has 5 replies, 4 voices, and was last updated 7 years, 2 months ago by moneymaker.
March 3, 2016 at 11:28 AM #21896March 3, 2016 at 12:07 PM #795267Rich ToscanoKeymaster
Gonna wait for the Feb data at this point, hopefully should have that soon.
As far as Zillow, my own experience is that their individual home-level estimates are meaningless. Can’t say about your neighborhood, but SD wide the trend still seems to be up.March 3, 2016 at 12:52 PM #795269bearishgurlParticipant
[quote=Rich Toscano]Gonna wait for the Feb data at this point, hopefully should have that soon.
As far as Zillow, my own experience is that their individual home-level estimates are meaningless. Can’t say about your neighborhood, but SD wide the trend still seems to be up.[/quote]Agree, Rich. Zillow estimates are meaningless. They very often use very dated info re: current size of dwelling and don’t take into account condition of dwelling (a biggie). I have found that Zillow also factors in nearby deeply-discounted distress sales, sales of unimproved lots and even “sales” between family members as “recent sold comps” to determine the value of a nearby parcel. The methodology they use is slapdash and stupid, IMO.
It reminds me of looking myself up on a popular “identity aggregator” online which charges the public for each record or “memberships” and finding on it two cities in which I have never resided in, lol …..March 3, 2016 at 1:15 PM #795276poorgradstudentParticipant
Zillow is pretty automated, and the less your property is like those in the neighborhood, the worst the estimate will be.
My zip code has still been going up lately.March 4, 2016 at 7:05 AM #795311Rich ToscanoKeymaster
Case in point, I just looked at Zillow’s estimate of my house. According to Zillow, my house’s value has increased 29% in… wait for it… 3 months.
Either they were way off 3 months ago, or they are way off now (or both)… point is, this is not a meaningful number.
Again, speaking of individual houses. Maybe the area-wide estimates are good.March 4, 2016 at 9:00 AM #795312moneymakerParticipant
Yeah I’ve noticed strange things like that with Zillow , they will say my house has gone up $3,000 every month for a year then the yearly increase will not support that.
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