Profile picture for PBMAN1965

How do you determine value

My next door neighbor and I have identical houses in nearly identical condition.  2 months ago, my house was zillow valued at $377,900 while his was valued at $355,000.  Now my house is valued at $358,900 and his is valued at $397,000.  First how is this possible and since every motgage broker starts with your site as a starting point for value, what is the reliability and validity of your data?
  • January 21 2012 - Lisle
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Answers (12)

Value can only truly be determined by a real estate appraisal.  The value of your home is typically whatever someone is willing to pay for it, or fair market value.  Te determine fair market value you typically look for supporting comps, or similar homes that have sold in the last 3 to 6 months that are located within 1 mile of your home (ideally).  If comps cannot be found in that search criteria then then you have to look beyond that.
  • October 19 2013
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If you are looking to see how much your home is currently worth, I would love to assist you. Please visit my site to request a no obligation consultation. Looking forward to speaking with you soon.
  • October 09 2013
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Zestimate is only a starting place. An appraiser would not refer to it to determine value.

Your Zestimate can be manipulated by the owner by adding additional property information to your site. The more data the site has, the more reliable the results will be.
  • January 10 2013
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1 - Every mortgage broker does NOT start off using the Zillow site.
2 - Home values are just an ESTIMATE which is derived from home sales & tax history.
3 - If you want an appropriate estimate of your homes worth, you really should talk to (A) an appraisor or (B) a realtor. 
  • January 22 2012
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Profile picture for wetdawgs
@pbman1965:

Here's a link to a post by Zillow employee describing why two identical houses may vary.  
  • January 21 2012
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Profile picture for PBMAN1965
Thank you all for your posts.  I will remind the next broker I talk to that this is against the terms and conditions.
  • January 21 2012
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These are ESTIMATES of value based on 3rd party data which is often inaccurate, out of date or incomplete. No one pays too much attention to the estimates particularly mortgage brokers. Buyers never refer to them when writing offers. If you are not on the market why bother and if you are, or thinking about it speak with a few agents to do a market analysis using more reliable data.
  • January 21 2012
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Profile picture for PBMAN1965
I'm not argueing whether they should or shouldn't.  I'm saying that every one I've spoken to says zillow lists your value as...(I'm sitting near 100% financing).  Whether they are or aren't is irrelevant.  I want to know how two nearly identical houses can fluctuate that much and not at the same time.
  • January 21 2012
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FB,

First let me say that that us RE Brokers and I highly doubt that mortgage brokers start with Zillow. In fact, although Zillow has improved over the years and I highly respect Zillow, they are the LAST point within which we use to evaluate! . ...  as their estimates are superficial and are unabe to consider interior conditions. If your agent is doing so (and I rarely say this, kick him/her to the curb). 

Zillow estimates have created quite challenge for us agents when it comes to buyers as buyers see it as a Bible of sorts. The bottom line is "local" evaluations. Period, the end.

As with what you hear in the national media with home prices, one must take Zestiamtes with a grain of salt and tailor the evaluation to the local level.
  • January 21 2012
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Profile picture for wetdawgs
If mortgage brokers are starting with Zillow, they are violating Zillow's terms of use.

What is the accuracy of Zestimates?   Here is a link to Zillow's article on such.
  • January 21 2012
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Profile picture for Rita Walker
Why would a Mortgage Professional start with unreliable data?
The way to get reliable data is from a Real Estate Professional or an appraiser. If my Mortgage Professional was using data from Zillow I would be shopping around for another lender.
  • January 21 2012
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Profile picture for Rita Walker
Slim to none!
  • January 21 2012
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