Zillow/ Trulia estimates

[shasta]

How accurate do you think their estimates are? I have noticed if some blocks do not have much action (ie long term home ownership), it seems a bit off. What has been your experience?

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[urbanrealtor]

Their estimates are best in sprawling subdivisions where you can draw a given radius around a property and use it to determine mean values.
They are worst in urban areas or near major neighborhood dividers (eg: Boulevards, freeways, malls).
The best example is that one on Myrtle in May of 2009 where the bank did a “zestimate” of nearby properties.
The comps were all south of University and east of the 805. The subject was west of the 805. As a result, the subject property was listed at 174k.
It got about 180 offers and closed at 280k (or thereabouts) for all-cash.
So probably good in La Costa or Temecula but bad in North Park.
My 2 bits.

[urbanrealtor]

Their estimates are best in sprawling subdivisions where you can draw a given radius around a property and use it to determine mean values.
They are worst in urban areas or near major neighborhood dividers (eg: Boulevards, freeways, malls).
The best example is that one on Myrtle in May of 2009 where the bank did a “zestimate” of nearby properties.
The comps were all south of University and east of the 805. The subject was west of the 805. As a result, the subject property was listed at 174k.
It got about 180 offers and closed at 280k (or thereabouts) for all-cash.
So probably good in La Costa or Temecula but bad in North Park.
My 2 bits.

[urbanrealtor]

Their estimates are best in sprawling subdivisions where you can draw a given radius around a property and use it to determine mean values.
They are worst in urban areas or near major neighborhood dividers (eg: Boulevards, freeways, malls).
The best example is that one on Myrtle in May of 2009 where the bank did a “zestimate” of nearby properties.
The comps were all south of University and east of the 805. The subject was west of the 805. As a result, the subject property was listed at 174k.
It got about 180 offers and closed at 280k (or thereabouts) for all-cash.
So probably good in La Costa or Temecula but bad in North Park.
My 2 bits.

[urbanrealtor]

Their estimates are best in sprawling subdivisions where you can draw a given radius around a property and use it to determine mean values.
They are worst in urban areas or near major neighborhood dividers (eg: Boulevards, freeways, malls).
The best example is that one on Myrtle in May of 2009 where the bank did a “zestimate” of nearby properties.
The comps were all south of University and east of the 805. The subject was west of the 805. As a result, the subject property was listed at 174k.
It got about 180 offers and closed at 280k (or thereabouts) for all-cash.
So probably good in La Costa or Temecula but bad in North Park.
My 2 bits.

[urbanrealtor]

Their estimates are best in sprawling subdivisions where you can draw a given radius around a property and use it to determine mean values.
They are worst in urban areas or near major neighborhood dividers (eg: Boulevards, freeways, malls).
The best example is that one on Myrtle in May of 2009 where the bank did a “zestimate” of nearby properties.
The comps were all south of University and east of the 805. The subject was west of the 805. As a result, the subject property was listed at 174k.
It got about 180 offers and closed at 280k (or thereabouts) for all-cash.
So probably good in La Costa or Temecula but bad in North Park.
My 2 bits.

[UCGal]

It is completely worthless in neighborhoods that have very low turnover.

It also seems to factor in list prices for the neighborhood – so if a neighbor lists his house for a completely pie-in-the-sky high price, the zestimate for the neighborhood goes up. When they sell at a realistic price OR pull it from the market, it seems to settle back down.

It also does not take into account issues that can swing a sales price like interior remodels (or lack thereof), view or landscaping, etc…

At times, seems to be entirely random. My house was listed with a zestimate 300k below what it is currently zestimated at. The first price was ridiculously low, the current price is probably higher than we could get. When we refi’d last year we had an appraisal – that price was in the middle.

I take zillow with a HUGE grain of salt.

[UCGal]

It is completely worthless in neighborhoods that have very low turnover.

It also seems to factor in list prices for the neighborhood – so if a neighbor lists his house for a completely pie-in-the-sky high price, the zestimate for the neighborhood goes up. When they sell at a realistic price OR pull it from the market, it seems to settle back down.

It also does not take into account issues that can swing a sales price like interior remodels (or lack thereof), view or landscaping, etc…

At times, seems to be entirely random. My house was listed with a zestimate 300k below what it is currently zestimated at. The first price was ridiculously low, the current price is probably higher than we could get. When we refi’d last year we had an appraisal – that price was in the middle.

I take zillow with a HUGE grain of salt.

[UCGal]

It is completely worthless in neighborhoods that have very low turnover.

It also seems to factor in list prices for the neighborhood – so if a neighbor lists his house for a completely pie-in-the-sky high price, the zestimate for the neighborhood goes up. When they sell at a realistic price OR pull it from the market, it seems to settle back down.

It also does not take into account issues that can swing a sales price like interior remodels (or lack thereof), view or landscaping, etc…

At times, seems to be entirely random. My house was listed with a zestimate 300k below what it is currently zestimated at. The first price was ridiculously low, the current price is probably higher than we could get. When we refi’d last year we had an appraisal – that price was in the middle.

I take zillow with a HUGE grain of salt.

[UCGal]

It is completely worthless in neighborhoods that have very low turnover.

It also seems to factor in list prices for the neighborhood – so if a neighbor lists his house for a completely pie-in-the-sky high price, the zestimate for the neighborhood goes up. When they sell at a realistic price OR pull it from the market, it seems to settle back down.

It also does not take into account issues that can swing a sales price like interior remodels (or lack thereof), view or landscaping, etc…

At times, seems to be entirely random. My house was listed with a zestimate 300k below what it is currently zestimated at. The first price was ridiculously low, the current price is probably higher than we could get. When we refi’d last year we had an appraisal – that price was in the middle.

I take zillow with a HUGE grain of salt.

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