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Just wanted to make a note that I am typing on my IPAD tonight, so I apologize about a few typos in my response :-)Pasadenan---I respect your point of view and I can see you're a very active contributer on ZIllow. You probably had the best answer to this question, so I don't want to get into attacking each other or trying to defend myself. I just know many people put way too much stock in the Zestimate of their home (or the home they are looking to buy) which is why I made a post in the first place. All the best,
I would not put any time in to analyzing or considering the Zestimate. It is a neat tool and can sometimes be very accurate in some cookie cutter neighborhoods with recent sales available. But it can also sometimes be totally off (much higher or lower) by sometimes hundreds of thousands of dollars!The Zestimate can not assess the condition, the views, the floor plan, potential street noise, and a ton of other factors that can affect the home value.If your objective is to find out a realistic market value of a home, your best bet is to comb through the recently sold listings in the area that are comparable. Or better, have a couple of different Realtors give you a market analysis from a buyers approach. Then remember the home is worth always what you, or the highest bidder is willing to pay for it, and no more.If you are very serious about the home, you need to physically go through it, and have the Realtor doing the market analysis physically go through it as well. Looking at pictures and comparables is much better than a Zestimate, but a listing can be much nicer or much worse once you see it for yourself (not just driving by but going through the home).I hope that helps. ZIllow is an incredible website, but unfortunately the zestimate is not worth your time and energy to consider and help analyze anything in my opinion. I find all of the information provided by these sites to be very helpful in many ways. But can also have a negative impact when people make up their minds on properties based on what they read and see on the internet. Also, Realtors are usually happy to provide market analysis for buyers and sellers with no obligation--and so it makes total sense to take advantage of this.Good luck!
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