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Answers (6)
- Tug of War
- Contributions:1947
"Yes Brent, property values are accurate and up to date on Zillow. If I can be of any more assistance please contact me..."
What ?????? ...LOL
Talkin about Zestimates here..
What ?????? ...LOL
Talkin about Zestimates here..
- sunnyview
- Contributions:25135
Property values on Zillow are updated frequently, but that does not mean that they are inherently "accurate". If you want the most current numbers and a ballpark valuation of your house based on the recent sales, a local agent in your area would be happy to help you.
- Kamaaina Realty
- Contributions:54
Yes Brent, property values are accurate and up to date on Zillow. If I can be of any more assistance please contact me...
- Vanessa Rojas, "VanessaRojas1"
- Contributions:56
The Zestimates are an estimate. Do not rely on a Zestimate, but use it as a tool to help you determine the value of a house. A realtor, like myself, will be able to provide you comparables in order to arrive to a more accurate value of a specific house.
- Pasadenan
- Contributions:21454
"This is a big help in determining what an owner wants and what the place is really worth!" -
No, apparently you misunderstand the intent. Yes, they are "accurate" and "up to date" as the method is valid and the math is "accurate" and the data comes in for recently solds from public records via 3rd party data providers regularly....
BUT the system has no method to tell about differed maintenance, nor about recent revisions, upgrades and remodels.
A high Zestimate compared to list price usually means it is a "fixer" and a lot of differed maintenance. A low Zestimate compared to list price usually means there have been substantial revisions and improvements since last purchased, which are not fully reflected in the public records data, especially the last sold price adjusted for last sold date.
Not to mention, there is a fairly broad tolerance range for the estimating method, and due to sparse sales in an area for short time spans, the estimates will fluctuation within that tolerance range over time.
Sure, Zillow is constantly working to improve the method to narrow the tolerance range; but if the information is not in the public data, there is only so much one can do without forcing price fixing and scrapping the concept of "free market".
Part of the issue is there is no way to measure the "motivation" of the sellers of recently sold. (Zillow does exclude distressed sales in their modeling though).
No, apparently you misunderstand the intent. Yes, they are "accurate" and "up to date" as the method is valid and the math is "accurate" and the data comes in for recently solds from public records via 3rd party data providers regularly....
BUT the system has no method to tell about differed maintenance, nor about recent revisions, upgrades and remodels.
A high Zestimate compared to list price usually means it is a "fixer" and a lot of differed maintenance. A low Zestimate compared to list price usually means there have been substantial revisions and improvements since last purchased, which are not fully reflected in the public records data, especially the last sold price adjusted for last sold date.
Not to mention, there is a fairly broad tolerance range for the estimating method, and due to sparse sales in an area for short time spans, the estimates will fluctuation within that tolerance range over time.
Sure, Zillow is constantly working to improve the method to narrow the tolerance range; but if the information is not in the public data, there is only so much one can do without forcing price fixing and scrapping the concept of "free market".
Part of the issue is there is no way to measure the "motivation" of the sellers of recently sold. (Zillow does exclude distressed sales in their modeling though).
- Ashur 'Osh' Nissan, "Ashur Osh Nissan"
- Contributions:5
Zestimates are and should be thought of as rough estimates. I explain the accuracy of these things in roughly the following, descending order. So what's the value of your property?
1- The sales price when you do sell.
2- An appraisal by a professional Appraiser.
3- A Comparative Market Analysis (CMA) prepared by a realty firm.
4- A Zestimate
This is not to be negative about Zestimates. They are a wonderful tool in understanding pricing trends in your neighborhood. However, the tool is a rough comparison of recent sales, not the complex analysis done by a local pro.
1- The sales price when you do sell.
2- An appraisal by a professional Appraiser.
3- A Comparative Market Analysis (CMA) prepared by a realty firm.
4- A Zestimate
This is not to be negative about Zestimates. They are a wonderful tool in understanding pricing trends in your neighborhood. However, the tool is a rough comparison of recent sales, not the complex analysis done by a local pro.
Hello, my name is Brent, my question is about The Z-estimates on Zillow;
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