- This topic has 25 replies, 6 voices, and was last updated 15 years, 3 months ago by
sdrealtor.
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September 8, 2010 at 9:15 PM #17930September 8, 2010 at 9:33 PM #602414
patb
Participantgarbage
September 8, 2010 at 9:33 PM #602503patb
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September 8, 2010 at 9:33 PM #603051patb
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September 8, 2010 at 9:33 PM #603157patb
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September 8, 2010 at 9:33 PM #603475patb
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September 8, 2010 at 11:05 PM #602439urbanrealtor
ParticipantTheir 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.September 8, 2010 at 11:05 PM #602528urbanrealtor
ParticipantTheir 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.September 8, 2010 at 11:05 PM #603076urbanrealtor
ParticipantTheir 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.September 8, 2010 at 11:05 PM #603182urbanrealtor
ParticipantTheir 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.September 8, 2010 at 11:05 PM #603500urbanrealtor
ParticipantTheir 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.September 9, 2010 at 8:13 AM #602544UCGal
ParticipantIt 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.
September 9, 2010 at 8:13 AM #602633UCGal
ParticipantIt 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.
September 9, 2010 at 8:13 AM #603181UCGal
ParticipantIt 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.
September 9, 2010 at 8:13 AM #603287UCGal
ParticipantIt 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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