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Answers (16)
- sunnyview
- Contributions:25120
Good luck! I hope that this interested buyer is the one. Fingers crossed :)
- noreenj
- Contributions:4
Thanks to everyone for your answers. I am working with an agent, unfortunately they don't know my area well, and I realize that it was a bad mistake. We had an open house and have another interested buyer, we'll see how it turns out.
- Appraisal Police
- Contributions:1
On-line estimates are junk. They are like playing with an Ouiji Board. They are fun when you get the number you want and make you mad when it doesn't meet your expectations. It's kind of like calling a doctor and asking him to diagnose you over the phone. And the doctor has never seen you before.
It cannot be done with any level of confidence so don't expect too much from it.
Ask yourself this: You have a million dollars to lend to your brother-in-law for a home he's buying. What level of due diligence would you use in order to protect the loan?
- Vince Curtis, "SoCal Appraiser"
- Contributions:4697
They are only using the Zillow as an excuse. If we were in an uptrending market, with more demand than supply, no one would mention Zillow's 'low' value. Its only because they are hedging their bets against another dip in the economy.
Think Zillow is low ? Try Trulia or RealQuest Express, I bet they are both lower.
- James Berman, "TheNJRealtorGuy"
- Contributions:198
I'm going to guess your your selling it on your own. Your appraisal is $440 and your offer is $414 seems like a good deal to me. $440 -6% is $413.... dont forget market value includes Realtor's fees. if it didn't then you would pay for their services up front and your home value would be 6% less.
James Berman
The NJ Realtor Guy
James Berman
The NJ Realtor Guy
- wetdawgs
- Contributions:26768
Zestimates will update if one makes substantial changes to their home such as increasing square footage and/or the number of rooms. Zestimates don't take into account upgraded kitchen, hot tubs, and many other features that do add value. (Nor do they take into account downgrades such as holes in the wall, mold etc.)
I've seen it take as little as two weeks and as long as 8 weeks for the Zestimate to update when an owner has edited facts.
Zestimates are not appraisals, and don't change on request. But, you can put the appraisal info in the comment section.
With four offers, what are you worried about?
I've seen it take as little as two weeks and as long as 8 weeks for the Zestimate to update when an owner has edited facts.
Zestimates are not appraisals, and don't change on request. But, you can put the appraisal info in the comment section.
With four offers, what are you worried about?
- Simon Mills, "Mills Realty"
- Contributions:1858
You had 4 buyers back out because of the Zestimate? Seriously? Why didn't you simply show they the appriasal you just had done? Zillow is great and the Zestimate is a valuable tool to use as a reference, but never to value a property. If you had 4 offers then your value is proven right there. Your value is what a ready, willing and able buyer will pay in an open marketplace. In the future add the appraisal to your comments and hand a copy of it to everyone that walks through the door.
Simon Mills
Mills Realty
Simon Mills
Mills Realty
- Hugo W Meza, "HugoMeza"
- Contributions:37
How can anyone rely zestimate? Thats Crazy! Zestimate is not accurate. It might in some place, but most of the time it is not. While properties are declining in some area, there are areas where homes are increasing. Since all potential buyers are saying about zestimate, are you selling your home on Zillow" I doubt all buyers would go to zillow first to make an offer on your home. In regards your appraisal, appraisal is just an opinion. Appraisers might have more education than an agent, but they are not selling/showing homes on daily basis. have you asked an agent to do an CMA(comparable market analysis) on your home? seek a second opinion! At the end, buyers are the ones who decide a price on your home, if they think it is worth what you are asking they will come up. If not, they will move on to the next house. Try to negotiate with them!
- Frank Festa, "Frank J Festa"
- Contributions:1188
Noreenj, with 4 offers you have a very active listing. Were any of those 4 offers on a signed contract? Regards,
- Nicole Borsey, "Nicole Borsey"
- Contributions:240
please don't misunderstand... I LOVE zillow... it does have a HUGE value... all i am saying is to try to prove your point to the buyer that it's NOT the end all in value. :) sometimes it's completely accurate... it's flaw is it's inconsistency, especially in major cities where one street to the next can have a significant difference in value. or one side of the street to the other... Im not saying read everyone blog... i just meant - print a few out to show the buyers that OTHER people feel that way about zestimates... ya know?
- NTETS, "Mr Caveat"
- Contributions:6436
of course agents do have a vested interest of exaggerating the inaccuracy of zillow, many of those blogs are 90% sour grapes and 10% legitimate concerns, just like everything else... i have seen REAs write things like "anybody who bought in 2008 was smart" and "i advised people to buy in 2006 because it was a great time to buy" written as recently as last week, so forgive me if those blogs lack the credibility that you want in a financial reference.
everybody should be aware that zillow isnt perfect, but it does actually have value as a reference.
everybody should be aware that zillow isnt perfect, but it does actually have value as a reference.
- Nicole Borsey, "Nicole Borsey"
- Contributions:240
that is CRAZY... what kind of agent are they working with??? that is the dumbest reason to back out. in MY area, unfortunately the zestimates are WAYYYYYYY off... i put my moms house ont he market for 489k, zestimate is 330!!! i had a FULL PRICE offer first day on the market!!!!
- Sugarbrenda
- Contributions:1
Zillow is just a starting point. The banks will insist on having another "impartial" appraisal. We went to our bank to look at refinance, and they looked at Zillow as a 'very conservative' estimate. Our home is still showing as a 3br 2ba, when we finished a permitted addition over a year ago, which added over 900 sf to make it a 4br 3.5ba home!
Don't take it too seriously. Anyone who is looking for a home should have enought sense to check out the market with a professional.
Don't take it too seriously. Anyone who is looking for a home should have enought sense to check out the market with a professional.
- noreenj
- Contributions:4
Our latest offer was 441K, but he backed out specifically because of the zestimate.
- Nicole Borsey, "Nicole Borsey"
- Contributions:240
There are tons of blogs on the internet by real estate professionals as to WHY the Zestimate is not what buyers should consider... if you google, "zestimate inaccurate" or something similar... you will find blogs explaining how they are NOT the key factor in determining home value. Home values are subjective and require a HUMAN to walk though the home, determine condition, desirability of the neighborhood, etc. Zillow cannot do that. It just gives plain black and white statistical data on recent sales... it cannot know if you just did a 100k renovation to the home... or if your street is "HOT" but one street over stinks! LOL So my suggestion is to print out some of these blogs (since they are NOT written by you or your agent...) and share your recent appraisal with homebuyers...
- NTETS, "Mr Caveat"
- Contributions:6436
your remedy is to post in the comments section "appraisal 07/09/10 440,000"
zillow doesn't have the means to tweak individual properties, nor verify any claims of expert valuations. they just go off of what is selling, and by their estimation, your home is 414k. their zestimate is not wrong, because zillow's opinion is still 414k and they are sticking to it.
and if buyers aren't making offers, that is a reinforcement of their valuation, at least by their point of view
zillow doesn't have the means to tweak individual properties, nor verify any claims of expert valuations. they just go off of what is selling, and by their estimation, your home is 414k. their zestimate is not wrong, because zillow's opinion is still 414k and they are sticking to it.
and if buyers aren't making offers, that is a reinforcement of their valuation, at least by their point of view
My home's bank appraisal is $440K, but the $414K zestimate is turning buyers away, please fix it.
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