How accurate do you think Zillow is?

DetroitStyle

DetroitStyle

Club Member
Zillow is showing our home value at $95,000 higher than we paid for it in 2012.... is the market that high right now? Those who have sold/bought recently, is it close to what they said it was worth?


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All of the Zillow I have seen has been close(ish) to asking or selling price. Some are far off by 20k on a 150k house but usually not 95k off.
 
I just sold a house in Grand Rapids and it was a bidding war. If you are in the right spot, housing prices are nuts right now. Call a realtor if you are serious. The only problem will be getting into a new place in the same market.

-Geoff
 
WhiteHawk said:
I just sold a house in Grand Rapids and it was a bidding war. If you are in the right spot, housing prices are nuts right now. Call a realtor if you are serious. The only problem will be getting into a new place in the same market.

-Geoff
Click to expand...

We don't have any serious interest in selling at the moment. We are nice and close to the school for our kids for the next 10 years, which is what we wanted. We also realize that the nicer houses in the area are also going to be up 30-40% in value, so that would be out of our comfort range.

But, if we can refinance, between the increase in value and what we've paid off... we would be financing around 50% of the home's current value, so maybe we can eliminate paying PMI? I asked Steve about it, but kinda forgot to follow up. Hmmmm...
 
Ive recently became a realtor and can look at what similar homes sold for within a .5 or 1 mile radius of your home. PM me your address if you'd like to know.
 
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For reference, the house I sold in Grand Rapids was appraised at $94,000 two years ago, and I just sold it for $155,000. It is nuts. If you are paying PMI, refinance immediately! There is almost no way it didn't go up 20%.

-Geoff
 
I don't usually trust it. I kinda keep up with what stuff is LISTED it similar to my house and in the spring it was probably 20-30k low. I just looked now and its probably 10k high and it says "which has increased by $11,622 in the last 30 days"...can it increase 11k every month? lol
 
To think we are thinking of selling our place next Spring,
I hope the market it still as hot or hotter!

Ask yourself the question, if a market is so hot a house
can sell in a day or two, why would a person use a real
estate agent & spend that 6%?

If you are even a little good at marketing, hire a Attorney
($400 - $600), the closing is done at the title company &
you could save a ton of cash.

I saved $13,000 selling my last home by selling it FSBO
(For Sale By Owner).

I'm helping someone right now get their home ready for
sale (marketing, photos, ads etc.)

I understand FSBO isn't for everyone, 85% end up using
a real estate agent, but I believe that is because they don't
have a plan & follow it.
 
I close on my old and new homes on monday. Sold my current home in Commerce in 30 days, originally listed for 420k, sold for 395k - zillow says 430k. Everywhere is different. We had a HARD time finding a home in bloomfield hills/troy, and we were looking at not cheap homes....they were selling in less than a day. We finally found one in troy. Move in next thursday! woo!
 
Zillow bases estimated value off sq foot & sales within your area.
Obviously lots of factors determine actual value (condition/demand) .... but for the most part they are pretty accurate.
Housing market is very hot right now.....
So many people buying & flipping as a source of income....
 
Detroit Gearbox said:
Housing market is very hot right now.....
So many people buying & flipping as a source of income....
Click to expand...


alot of the "hot" has to do with where you are. The Rural Development loans are driving prices in my area silly, people are bidding 40-50k over asking before going through the house,
 
We bought ours in 2012. After 2.5 years Zillow reported it to be up $65k which was accurate within $5k when we had it appraised.
 
i'd say it's a decent representation of your homes value. It doesn't cost much to get it appraised, and it's well worth it if you can drop PMI.
 
4Gas$ said:
To think we are thinking of selling our place next Spring,
I hope the market it still as hot or hotter!

Ask yourself the question, if a market is so hot a house
can sell in a day or two, why would a person use a real
estate agent & spend that 6%?

If you are even a little good at marketing, hire a Attorney
($400 - $600), the closing is done at the title company &
you could save a ton of cash.

I saved $13,000 selling my last home by selling it FSBO
(For Sale By Owner).

I'm helping someone right now get their home ready for
sale (marketing, photos, ads etc.)

I understand FSBO isn't for everyone, 85% end up using
a real estate agent, but I believe that is because they don't
have a plan & follow it.
Click to expand...

I would say that has to do with how much free time the sellers have. FSBO means you have to meet potential buyers to show the home, market the home like you said, etc, etc. How are you going to show the home during the day while you're working?

When you hire a real estate agent to represent you; they can handle all the tasks like accepting offers, showing the home, putting the home on the MLS, finding qualified buyers. getting buyers qualified, and what not.
 
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