How accurate do you think Zillow is?

I've been in my house about 2.5 years and it doesn't come up on Zillow searches. I refi'd about a year ago so I have a recent appraisal.

For what it's worth. When we sold our old house our realtor was able to get much more than I expected or would have listed the house for FSBO. It easily covered their commission.
 
I just checked mine, I think it's a bit high but our township and neighborhood has been fairly quick to sell houses lately so who knows for sure. It did say it went up 10k in the last month which I'm skeptical about.
 
We are close to the closing date on our new house. It was on the market for less than a day. We offered full asking. They had 2 offers the following day for 10k over asking. We still got it though. Actually the appraisal came in low and we got it for even less.

Stuff doesn't last that is for sure. but we were kinda of picky with our selections. Took us 3 years to find something we loved. We only put an offer on one house.
 
orangejuiced86 said:
We are close to the closing date on our new house. It was on the market for less than a day. We offered full asking. They had 2 offers the following day for 10k over asking. We still got it though. Actually the appraisal came in low and we got it for even less.

Stuff doesn't last that is for sure. but we were kinda of picky with our selections. Took us 3 years to find something we loved. We only put an offer on one house.
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Congrats! Where are you guys headed?

Zillow for my area seems pretty close to the prices people are actually paying, usually at or above the asking price. I think the biggest problem people are seeing is similar to what OJ mentioned where houses aren't appraising where they need to be so either the home owner needs to come down or you need to bring some extra money to the table.
 
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Were putting ours up next week so will see what the market brings in my area of rochester hills , market has slowed down a bit
 
svopro said:
Were putting ours up next week so will see what the market brings in my area of rochester hills , market has slowed down a bit
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Sell by owner, the only way to fly. I've done it on all of my houses and just sold 3 of my parents rentals.
 
nitrousrick said:
Congrats! Where are you guys headed?

Zillow for my area seems pretty close to the prices people are actually paying, usually at or above the asking price. I think the biggest problem people are seeing is similar to what OJ mentioned where houses aren't appraising where they need to be so either the home owner needs to come down or you need to bring some extra money to the table.
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Fraser. Did not want to uproot my kids at this moment. They are established with their friends and sports. Wanted to go more north but I'll do that when they are older.
 
The market is pretty hot here in the north end of Warren. A few houses on my street have gone $10k+ over the listing price. Zillow shows my house at $133,500, $55k more than what I paid for it 4 years ago.
 
My parents house had been on the market for a while. They dropped their price by 40k. Zillow is high by about 60k. That's in Rochester Hills....Zillow doesn't take into account condition of home.

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We just sold our old house and bought the new house roughly 3 months ago.

Zillows value on the old house was $10k under what we sold it for 95k vs 105.(Wyandotte)
Zillows value on the new house is 10k over what it appraised for and almost 20k over what we paid for it. (Farmington Hills)
 
The Man said:
It's worth what someone will pay for it. ...95k is huge.

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When it comes to homes, this is only true if someone is paying cash. If the buyer is getting a mortgage, then it's not worth what they will pay for it, it's worth what a 1004 summary appraisal report form indicates it is worth.

Zillow is tough because it can be close if the data is good, but way off if the data is bad. Since there's no way to tell which it is, unless you have access to MLS or something, that makes it kinda useless.

If you're thinking about listing, a realtor will usually do a market analysis for you to find a listing price, but they can't really always be trusted either, in my opinion....I've seen them skew the listing price low if they want an easy sale. If you're going to use a realtor, take a good look at their data and make sure you agree with it before you agree to the listing price. If you're not going to use a realtor, do as much research as you can on the market and public record to figure out how much to ask.....Zillow may or may not be helpful.
 
Hey buddy. I'll run comps for you for free. I can give you a very close eat of what it's worth. Zillow can be close, but all depends on the area.

We can eliminate pmi with a refi, I'm sure there your at 80 percent or less.

Shoot me an email my friend. [email protected]

Try and reach out sooner than later. Feds keep raising the rates !!!




QUOTE=DetroitStyle;2849107]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...[/QUOTE]
 
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