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Is the Zestimate zillow recommends a reliable number?

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:2

I want to buy a particular townhouse in old bridge, nj and the seller has it listed for 320,000 when zillow has is estimated for 286,000. We made a first offer at 280,000 and the seller is refusing to go below 310,000. If we would get the house appraised would the zestimate by zillow be a reliable number to keep in our minds?Â

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May 10 - Old Bridge

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sunnyview
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sunnyview

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Congratulations! Thanks for the update. I always like to hear what happens.

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May 18

britt0283
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britt0283

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thanks so much everyone! We did get a professional appraisal and the home did appraise for much more than than the zestimate. However, the best news is we got the home for almost 60,000 less than what it was appraised for! Great deal!!

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May 18

PMSoldier
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PMSoldier

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Marshdog,

That article is over 2 years old.

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May 17

Francesca Patrizio, "Monmouth Ocean Agent"
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Francesca Patrizio, "Monmouth Ocean Agent"

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Britt,

In my experience, most online portals are grossly inaccurate mainly due to their inability to apply real time data (i.e., current condition). In my view, your best best would be to consult with a local experienced full-time realtor that knows the market history.

Love and Peace,
Francesca

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May 17

Lisa Regan, "Lisa Regan"
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Lisa Regan, "Lisa Regan"

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All the previous answers tell you not ot go exclusivley by the zestimates. The only true advise is to have a licensed realtor dig up all the comps and then make an educated decision on prce by knowing all the facts..

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May 13

Drew Meyers, "Drew"
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Drew Meyers, "Drew"

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Zillow All-Star

Since January 2009

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Here's a video that explains Zestimates as well.

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May 13

sunnyview
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Zillow does not gives appraisals. I would not hang my hat on a Zestimate to justify your offer either high or low. You can use the range on Zillow, but I prefer to use the recently sold comps for houses like the house you are looking at, the median neighborhood info for the zip on the charts page and the general trend of new sales that you can get from your agent off the MLS. Those three things together is a much more reliable way to determine value. The seller's price is not the value, the value is what the market is willing to pay for the house. Do your research and base your offer on the other information available.

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May 13

marshwoodgreen4
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marshwoodgreen4

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Be care. Use your search engine to uncover complaints on Zillow and tons of stuff will come up. There have been several complaints to the FTC concerning the valuation tool Zillow uses. Several posts complain of zestimates that are not accurate. Here is an example:http://www.seattlepi.com/business/290147_zillow26ww.html

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May 13

James L Steccato, "jsteccato"
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James L Steccato, "jsteccato"

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Zillow is very transparent about their Zestimates.
Scroll to the bottom of most any page you will see this link:

Zestimate® Values&Accuracy

Click on it then choose your state from the list it will rate the accuracy based on the county you are buying in or selling out of.
Bergen County being the worst because of the untimely way that County files sales.They rate by county with stars the more stars the more accurate.

Just some info for realtors,sellers and buyers alike.

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May 13

Laura Giannotta, "Laura G in NJ"
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Laura Giannotta, "Laura G in NJ"

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It all depends. In some areas of NJ I've seen the Zestimate come in low, in my area (southern Ocean County) most of the Zestimates are high.

If this is a concern put a provision in your contract that would allow either cancellation of the contract or a renogotiation in price in the appraisal comes in over your offer.

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May 10

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May 18

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