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#11
10-01-2007, 01:16 PM
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Re: Zillow
Zillow is pretty good for large condo complexes and newer developments and in somewhat stable markets. Not so good in neighborhoods with few sales, differing ages/conditions, and areas where building restrictions negate some of the benefit of larger lot sizes.
Basically, you have to remember that zillow can't see inside your house. It also cannot distinguish between inter-neighborhood characteristics, and things like curb appeal. That's why it's good for newer homes and condos since there aren't usually major differences between neighborhood location, interior appeal, curb appeal, additions, remodels, etc... 
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#12
10-01-2007, 01:20 PM
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Re: Zillow
Well, Zillow doesn't Zestimate my mom's house, but lists the tax assessment at $208,760. I think the last time she had it appraised it was a little over $300k, but she's had the yard completely redone since then so it's probably a little higher.
My dad's place also has no Zestimate but is tax assessed at $425,130. Again, it's probably a little higher. So if you add my parents houses together they have about 7500 sq feet, 11 bedrooms, 8 baths and a pool on two golf courses for less than your house.
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#13
10-01-2007, 01:25 PM
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Re: Zillow
my experience as loan agent is that you need to look for the red flags on the map... they represent sales. The more actual "sales" vs. estimates that are on the grid will give you a much better approximation.
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#14
10-01-2007, 01:44 PM
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Re: Zillow
My wife recent Zillowed our house and got $800,000 as the answer. My uneducated guess is that it's too high by about $100,000. One neighbor subdivided and the lot has been sold twice, originally at $260,000 then six months later at $410,000. The owner is putting a 6200 sq. ft. mansion on the lot (.35 acres) and bought the neighboring property for $600,000 (also .35 acres). The $600,000 lot has a fire damaged POS 1940's era house and crap everywhere.
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#15
10-01-2007, 09:54 PM
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Re: Zillow
Zillow over-estimated my first house by $100,000. I know because I actually sold that house. My current house was pretty much right on with what I paid for it.
I thought Zillow provided some value in that you can at least use it as a barometer to see if your home's value is rising or falling. But all of a sudden my house went up $70K in one month. So, yeah, it's pretty much useless.
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