Zillow Advice: Buying Process - Accuracy of zestimate http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ Zillow Advice | Zillow Real Estate Sarah, your realtor will ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ Sarah, your <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> will be able to help you with this.&nbsp; This is what we do.&nbsp;You hear "all <a href="http://www.zillow.com">real estate</a> is local" so much but there's a reason - it's true.&nbsp;&nbsp;Within areas in a city and&nbsp;neighborhoods the housing prices can vary greatly.&nbsp; You need feet on the ground.&nbsp; As helpful as "zestimates" may be, that's what they are:&nbsp; "estimates."&nbsp; Either do your own scouting or hire a professional realtor but please do not base such a huge purchase on a hit or miss "estimate."&nbsp; Good luck.&nbsp; <br/><br/>Sorry I could not give you a specific answer - I do not live in your area and do not know your market.&nbsp; Find one who does! Thu, 07 May 2009 18:40:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-07T18:40:00Z Sarah,&nbsp;You really need ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ Sarah,&nbsp;<br/>You really need a <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> to look at what is on the market and what has sold in the last 2 months in this complex and others around it. &nbsp;Upgrades don't carry the weight they once did. &nbsp;Based on the offering price the $295m doesn't make a lot of sense (I would need more information on why they are taking so much less). &nbsp;Also, who did the appraisal and when was it done? &nbsp;<br/>Mark Karambelas<br/>Baird and Warner&nbsp;<br/>847-989-2710<br/> Wed, 06 May 2009 20:30:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-06T20:30:00Z Thanks everybody.&nbsp; Appreciate ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ <p>Thanks everybody.&nbsp; Appreciate all your advises.</p> Wed, 06 May 2009 13:30:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-06T13:30:00Z Best bet is to get a realtor ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ Best bet is to get a <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> working in your best interest. Sat, 02 May 2009 14:21:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-02T14:21:00Z And some greate advice already ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ And some greate advice already given was you can pay for your own apprasier and have him justify the value he provides since he is working for you and no one else when you pay him. Deal wirth him direct don't let anyone else get involved in your relationship with him and pay him directly, &nbsp;in fact pay him an extra $200 to take the time to educate you on his process of appraising the house.&nbsp; It is&nbsp; $500 verses a possible $119,000 dollar error(how long will it take you to save up that $119,000 which will really cost&nbsp;about&nbsp;&nbsp;$220,000&nbsp;at 5%&nbsp;interest .&nbsp; (no I am not an appraiser)<br/>Dont get cheap and dont get in a hurry to make a large monitary mistake. In the boom/bubble mistakes fixed themselfs with the unrealistic price increases every few months. But&nbsp;with <a href="http://www.zillow.com">real estate</a> not going up any time soon and the forclosures will last at least 4 to 5 more years (8 million more to go in the us acccording to MBA) you can 't loose by being careful. Fri, 01 May 2009 22:33:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-01T22:33:00Z in my area and with all the ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ in my area and with all the houses I have looked at for sale the Zestimate is very inacurate. It is usually way off&nbsp;from reality but the Zestimate is usually 30% too high. Try a few other free sites' estimates as they do differ from Zillows in their methods of estimates, you can find these by googleing <a href="http://www.zillow.com">real estate</a> values.&nbsp;A good thing to do for yourself in using zillow is&nbsp;to look at every property in a reasonable distance from you target house for a recent sale (less than 2 months) and be sure to not include sales&nbsp;that are &nbsp;the bank buying the house back at an auction as this price is not a market price. The&nbsp;problem is &nbsp;Zillow will not&nbsp;warn you of this price&nbsp;skewing&nbsp;information in its format, but&nbsp;look for the * next top the sales price&nbsp;as it might show up&nbsp;but sometimes it does not;&nbsp;&nbsp;making houses look more valuable than they are on the market.<br/>&nbsp;But since the zestimate is lower than the asking price I would definatly lean in favor of the Zestimate since the zestimate is normally high from what I see and the zestimate does have data using past sales. &nbsp;I would worry that the owners are asking way more than Zillow Zestimate.&nbsp; Look at every property in the area and what did similar properties sell for&nbsp;&nbsp;and what did they sell for on a sq/ft basis. Also if the sale is more than 1 month old discount if for the rate real estate is depreciating in your area. Drive buy these properties. learn about every <a href="http://www.zillow.com/homes/">property for sale</a> that you may want to buy to know what you can get for your money and look at how fast properties are losing value in this market. If you know all your options you will know if it is a rational price to pay for the house. Just because the owner is asking the price does not mean it is a good price to pay.&nbsp; Fri, 01 May 2009 22:28:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-01T22:28:00Z Was the appraisal done on ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ Was the appraisal done on your behalf? An appraisal is not that expensive (where I am about $300). Maybe you get an appraiser to do another appraisal for you. This way you have something done by a professional and in writing. That you can take to the seller and let him come up with a suggestion?<br/> Fri, 01 May 2009 18:57:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-01T18:57:00Z You may want to change your ... http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ You may want to change your offer price.:) In my experience, zestimates are pretty accurate. Fri, 01 May 2009 18:53:00 GMT http://www.zillow.com/advice-thread/Accuracy-of-zestimate/230058/ 2009-05-01T18:53:00Z