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  • April 15, 2011 at 9:23 AM #18723
    loutran
    Participant

    Does anyone look at Zillow estimates when trying to figure out a fair price?

    It seems like the comps are all over the place and I tend to rely on zillow quite a bit. I’ve noticed that a lot of listings lately are well below the zillow estimate and even below the zillow range. What does this mean? Does this mean people are finally getting desperate and lowering their prices?

    Thoughts?

    Thanks!

    April 15, 2011 at 11:53 AM #687135
    Ren
    Participant

    I think the nicest thing you will hear about zillow estimates on this forum is “wildly inaccurate”.

    However, you can still use zillow to estimate market value, by doing exactly what appraisers do, which is look at the sold comps in the last 6 months in that area.

    April 15, 2011 at 11:53 AM #687192
    Ren
    Participant

    I think the nicest thing you will hear about zillow estimates on this forum is “wildly inaccurate”.

    However, you can still use zillow to estimate market value, by doing exactly what appraisers do, which is look at the sold comps in the last 6 months in that area.

    April 15, 2011 at 11:53 AM #688301
    Ren
    Participant

    I think the nicest thing you will hear about zillow estimates on this forum is “wildly inaccurate”.

    However, you can still use zillow to estimate market value, by doing exactly what appraisers do, which is look at the sold comps in the last 6 months in that area.

    April 15, 2011 at 11:53 AM #687950
    Ren
    Participant

    I think the nicest thing you will hear about zillow estimates on this forum is “wildly inaccurate”.

    However, you can still use zillow to estimate market value, by doing exactly what appraisers do, which is look at the sold comps in the last 6 months in that area.

    April 15, 2011 at 11:53 AM #687811
    Ren
    Participant

    I think the nicest thing you will hear about zillow estimates on this forum is “wildly inaccurate”.

    However, you can still use zillow to estimate market value, by doing exactly what appraisers do, which is look at the sold comps in the last 6 months in that area.

    April 15, 2011 at 1:34 PM #687140
    Echoooo
    Participant

    the last 6 months sold data is more accurate than Zillow. If you really want to make a purchase, you should look at the neighborhood sales, unless you are just testing the water and see how low it can go…

    April 15, 2011 at 1:34 PM #688306
    Echoooo
    Participant

    the last 6 months sold data is more accurate than Zillow. If you really want to make a purchase, you should look at the neighborhood sales, unless you are just testing the water and see how low it can go…

    April 15, 2011 at 1:34 PM #687197
    Echoooo
    Participant

    the last 6 months sold data is more accurate than Zillow. If you really want to make a purchase, you should look at the neighborhood sales, unless you are just testing the water and see how low it can go…

    April 15, 2011 at 1:34 PM #687955
    Echoooo
    Participant

    the last 6 months sold data is more accurate than Zillow. If you really want to make a purchase, you should look at the neighborhood sales, unless you are just testing the water and see how low it can go…

    April 15, 2011 at 1:34 PM #687816
    Echoooo
    Participant

    the last 6 months sold data is more accurate than Zillow. If you really want to make a purchase, you should look at the neighborhood sales, unless you are just testing the water and see how low it can go…

    April 15, 2011 at 5:06 PM #687830
    SD Realtor
    Participant

    I think that finding fair value is something that is a bit of a comfort to buyers but has nothing to do with whether the seller will accept an offer or not. Subsequently using a tool like zillow to establish fair value is inaccurate at best. Knowing details about the comps that you are selecting is just as important as the chronology of when those sales occurred. Knowing other issues such as expireds, cancelleds, and active pending ratios in the submarket you are thinking about is just as important. The active pending ratio is crucial because the comps may say one thing with respect to the price but have no reflection of the current activity. Thus you may base your offer on those comps but if the area is active your offer will be bypassed. Value is only an opinion that is nothing more then a snapshot in time. I am not saying it is not useful, but don’t bet the farm on it.

    April 15, 2011 at 5:06 PM #688321
    SD Realtor
    Participant

    I think that finding fair value is something that is a bit of a comfort to buyers but has nothing to do with whether the seller will accept an offer or not. Subsequently using a tool like zillow to establish fair value is inaccurate at best. Knowing details about the comps that you are selecting is just as important as the chronology of when those sales occurred. Knowing other issues such as expireds, cancelleds, and active pending ratios in the submarket you are thinking about is just as important. The active pending ratio is crucial because the comps may say one thing with respect to the price but have no reflection of the current activity. Thus you may base your offer on those comps but if the area is active your offer will be bypassed. Value is only an opinion that is nothing more then a snapshot in time. I am not saying it is not useful, but don’t bet the farm on it.

    April 15, 2011 at 5:06 PM #687970
    SD Realtor
    Participant

    I think that finding fair value is something that is a bit of a comfort to buyers but has nothing to do with whether the seller will accept an offer or not. Subsequently using a tool like zillow to establish fair value is inaccurate at best. Knowing details about the comps that you are selecting is just as important as the chronology of when those sales occurred. Knowing other issues such as expireds, cancelleds, and active pending ratios in the submarket you are thinking about is just as important. The active pending ratio is crucial because the comps may say one thing with respect to the price but have no reflection of the current activity. Thus you may base your offer on those comps but if the area is active your offer will be bypassed. Value is only an opinion that is nothing more then a snapshot in time. I am not saying it is not useful, but don’t bet the farm on it.

    April 15, 2011 at 5:06 PM #687155
    SD Realtor
    Participant

    I think that finding fair value is something that is a bit of a comfort to buyers but has nothing to do with whether the seller will accept an offer or not. Subsequently using a tool like zillow to establish fair value is inaccurate at best. Knowing details about the comps that you are selecting is just as important as the chronology of when those sales occurred. Knowing other issues such as expireds, cancelleds, and active pending ratios in the submarket you are thinking about is just as important. The active pending ratio is crucial because the comps may say one thing with respect to the price but have no reflection of the current activity. Thus you may base your offer on those comps but if the area is active your offer will be bypassed. Value is only an opinion that is nothing more then a snapshot in time. I am not saying it is not useful, but don’t bet the farm on it.

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