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Answers (4)
- wetdawgs
- Contributions:26853
If you are concerned about the comps used for your own home, you can claim the home and select comps that you think accurately represent your home.
I agree with the other poster, buyers will consider short sales in their comps so if you don't, you may price yourself out of the market. No buyer will have two categories of house and pay more just because a house isn't a short sale.
I agree with the other poster, buyers will consider short sales in their comps so if you don't, you may price yourself out of the market. No buyer will have two categories of house and pay more just because a house isn't a short sale.
- abcdefghijklmnopqur
- Contributions:5
Hi, thank you for confiming that Zillow uses Short Sales, I do not believe they should be, even though Zillow is not Apprasial, it plants a seed in the minds of buyers, Bankers and Real Estate apprasiers, which does nothing to contribute any help getting the Economy back within reason.
Buyers now are saying, (as the lower apprasisals are indicated) Oh those prices will go lower and continue to wait to buy, Banking appraisers also follow suit. It is my opinion because of these FALSE apprasials it is causing more, and more Forclosures because buyers are being scared off.
That is Surpressing the Real Estate Market, a Progressive movement.
Sorry to say that is my personal opinion.
Buyers now are saying, (as the lower apprasisals are indicated) Oh those prices will go lower and continue to wait to buy, Banking appraisers also follow suit. It is my opinion because of these FALSE apprasials it is causing more, and more Forclosures because buyers are being scared off.
That is Surpressing the Real Estate Market, a Progressive movement.
Sorry to say that is my personal opinion.
- Dan, "the_country_hick"
- Contributions:4699
Short sales and foreclosures are 1/4 of the market now. That means they ARE legitimate comparables.
- sunnyview
- Contributions:25139
Zillow explains how they determine the Zestimates here. Any sale that is recorded can affect the value of properties nearby both on Zillow and for appraisals. You can see foreclosure trends in your area here, but it is not the foreclosure itself that drives home values down. It is the low sales prices of short sales and REO's that do that.
That being said, Zillow is not an appraisal and their numbers are only a conglomeration of larger numbers in an area. The best thing you can do if you want to know the value of your house today is to call a local agent. They will also use recent sales that are short and REO's but can make more adjustments specific to your local market than Zillow can with the numbers alone.
That being said, Zillow is not an appraisal and their numbers are only a conglomeration of larger numbers in an area. The best thing you can do if you want to know the value of your house today is to call a local agent. They will also use recent sales that are short and REO's but can make more adjustments specific to your local market than Zillow can with the numbers alone.
Where do you folks get your estimate figures, it looks like to me u are using Forclosure Short Sales
Thank you,
ArtN
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