Profile picture for madelinescrogin

"CHECK THE COMPS" says the Pro! There are EASY COMPS & THEN THERE ARE (other) COMPS

Zillow bases our home's value it seems to me on sales of homes that are generally like ours as far as amenities are concerned and are almost always located in the same one or two gated communities, one to the north and one to the south of us.  Our home sits on an acre and a half of land and is the last in line of six or seven bigger homes, most of which have been valued near the million dollar level, and will undoubtedly return to that level once this awful recession is history ("from my lips to God's ears") and we can all breath normally again.  A recent home sale at 137 S. Roscoe on the Intercoastal sold at $870,000. This home is more comparable seemingly to our home: it has a view of the Intercostal. Our property, which has a creek running through it,  has sufficiently large acreage to allow the stabling of the buyer's horses on it's own property, for instance, and it's property just about a mile or so from the Atlantic Ocean and our beautiful Ponte Vedra beach.  Eighteen acres of treed property on our Southern boundary is owned by the diocese in St. Augustine and will likely remain undeveloped for many years to come. A private beautifully treed lot of the same size as ours sits to the North of us. Yet a few months ago Zillow slashed the value of our home seventy-five thousand dollars ($401,000 to 325,000!)  This was a shock to us and psychologically and otherwise, kept us sitting on our thumbs and NOT out pursuing a refinancing deal, a necessity for us to remain in our home and a grueling process which we had been putting off  but a the time were very close to initiating.  I of course cannot give Zillow 100% "credit" for our own inaction, But without further thought or research on my part I will" guesstimate"  and slash that down to 75% credit and leave it at that.



 



 
  • December 23 2009 - Ponte Vedra Beach
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Answers (4)

Profile picture for Memphis Owners12
I agree with what others have said-- don't give Zillow a second thought as to something as major as the value of your home. 

That being said, if you refinance, bear in mind that the bank will want to order their own appraisal, which they will charge you for.  So you might want to wait on that appraisal, rather than paying for your own upfront.
  • December 28 2009
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Profile picture for Mark LeMenager
You write, "Zillow slashed the value if our home seventy-five thousand dollars."  Sorry, but that doesn't make any sense.  Think about it.  Zillow doesn't have anything to do with the value of your home.  Your homes' value is determined by what someone will pay for it in the open market.

Do you think that there is a person at Zillow who is checking in comps for a given house?  They have millions of guesses on this site.  It's all based on computer algorhythms.  Don't lose any sleep over what you see here.

Best wishes, Mark
  • December 26 2009
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Don't let your Zestimate prevent you from doing what may be best. Most Realtors/Agents and mortgage professional can get "Real Comps" for you at no charge. It's still not an appraisal but a much better "guess." .... Best wishes.
  • December 23 2009
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You do understand that zillow does not give an actual appraised value? It's just a computer based algorithm that calculates sale prices in your neighborhood. It is not accurate by any stretch. That is not to say it is not dead on sometimes. Even a blind squirrel finds a nut once in a while. Pay no attention to the zestimate. Pay attention to recent sales. Pay the few hundred bucks for an appraisal and stop driving yourself nuts.

  • December 23 2009
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