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Answers (7)
- Pasadenan
- Contributions:21453
oops, was posting to the wrong thread...
- Pasadenan
- Contributions:21453
A Zestimate certainly was never intended to be used for establishing a list price. You can use it to check the reasonableness of a CMA or list price, but not for actually establishing the list price, unless you don't mind giving money away, or don't mind chasing the market down and taking forever to sell.
If you use WhitePicture's approach, use as many sources as you can get, and throw out the top and bottom numbers before averaging.
Some other sites you can check if using that approach:
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
homes.com
But it still doesn't check any specific details on any property, so still not the best choice other than just as a guideline and reality check.
If there were improvements or deferred maintenance issues since last sold, these are likely not factored into machine estimates and you will need to account for those separately.
If you "must" use Zillow data only, I would average the Zestimate monthly numbers from 2006 forward, as well as the closest tiered data on the local info pages (tab above) for the specific region applying to the property (Zip code seems to be a preferable choice compared to city, but do both anyway), then take the ratio of these averages, and use that to adjust the market index trend to the specific property by multiplying.
(The local info trend data can be downloaded as Excel files. To get the Zestimate data in a similar format, use the URL:
http://www.zillow.com/ajax/homedetail/HomeValueChartData.htm?mt=1&zpid=#&format=json
where the # is replaced with the Zillow property identification number as found on the home details page as well as in the URL (web address) for the home details page.
Date is in Unix millisecond format, so you would need to convert it.
And this still will be 2 to 3 months behind the present time, so you still need to anticipate the present change in market conditions.
If you use WhitePicture's approach, use as many sources as you can get, and throw out the top and bottom numbers before averaging.
Some other sites you can check if using that approach:
Homesand.net
Eppraisal
realquest.com express
cyberhomes.com
trulia
chase
homegain
homes.com
But it still doesn't check any specific details on any property, so still not the best choice other than just as a guideline and reality check.
If there were improvements or deferred maintenance issues since last sold, these are likely not factored into machine estimates and you will need to account for those separately.
If you "must" use Zillow data only, I would average the Zestimate monthly numbers from 2006 forward, as well as the closest tiered data on the local info pages (tab above) for the specific region applying to the property (Zip code seems to be a preferable choice compared to city, but do both anyway), then take the ratio of these averages, and use that to adjust the market index trend to the specific property by multiplying.
(The local info trend data can be downloaded as Excel files. To get the Zestimate data in a similar format, use the URL:
http://www.zillow.com/ajax/homedetail/HomeValueChartData.htm?mt=1&zpid=#&format=json
where the # is replaced with the Zillow property identification number as found on the home details page as well as in the URL (web address) for the home details page.
Date is in Unix millisecond format, so you would need to convert it.
And this still will be 2 to 3 months behind the present time, so you still need to anticipate the present change in market conditions.
- Ryan Cook, "ryancookrealtor"
- Contributions:153
iris2011 - @sunnyview provided the best answer. Zestimates only take into account other houses in the area based on square footage or beds/baths. It doesn't know what work has been done on the property or how the neighborhood compares. Speak with a licensed Realtor to get a list of good comps, and don't be afraid to ask multiple Realtors. You may find yourself a good one.
Good Luck,
/rc
Good Luck,
/rc
- Matt Winzenried, "mattwinz"
- Contributions:57
As the previous answers suggest, having a local agent go over the other comparable condos that have recently sold as well as to see what, if any, are pending sale. To give you the best feel for what would be an appropriate starting offer for the condo.
I am available this afternoon to help, feel free to call me at [phone removed by Zillow moderator] or email [email removed by Zillow moderator]
-Matt
I am available this afternoon to help, feel free to call me at [phone removed by Zillow moderator] or email [email removed by Zillow moderator]
-Matt
- sunnyview
- Contributions:25127
You can't really base the price on the Zestimate, you need to go off the recently sold houses and current listing trends instead. The overall value for Madison is here, but you need more. You can look at the recent sales in the local neighborhood by selecting the neighborhood here and then looking for the yellow house on the map in the list.
If you are selling yourself, you can ask several local agents for CMA's to help you pinpoint a price and get their take on the market. You may be able to find a good agent to list your house if you don't want to FSBO. You need to take the CMA information and then look at your days on market to price ahead of the curve. Do not price at the highest CMA amount it is a mistake that will leave your home on the market. Price instead slightly less than the last closed sale if your market is falling.
If you are selling yourself, you can ask several local agents for CMA's to help you pinpoint a price and get their take on the market. You may be able to find a good agent to list your house if you don't want to FSBO. You need to take the CMA information and then look at your days on market to price ahead of the curve. Do not price at the highest CMA amount it is a mistake that will leave your home on the market. Price instead slightly less than the last closed sale if your market is falling.
- HomeSand.net, "White Picture"
- Contributions:4392
The best way to know the home value is that hire a few local real agents to do the Comparative Market Analysis and you can do the research by your own by google the keyword as 'Home valuation' on the internet, check the home value on a few home valuation websites, add all figures then divide the result to get the average.
- wetdawgs
- Contributions:26804
The first thing to do for evaluation of the Zestimate is to pull up the Zestimate Values and Accuracy document and evaluate it for your area.
Then, as a Zestimate is a starting point and doesn't take condition into account or some other features that may add value, work with your agent to identify true recent sold comps for coming up with a fair offer.
Then, as a Zestimate is a starting point and doesn't take condition into account or some other features that may add value, work with your agent to identify true recent sold comps for coming up with a fair offer.
Determine a price on a real estate based on Zestimate.
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