i was just wondering how accurate is zillow.com for comps or arv on a property?. now i am sure it will be off by like 10k or less but i just wanna know if it will be way off!!. thanks
Use the search function, located below your screen name above this post. Or click here:
just type in “zillow” there are 3 pages of topics discussing it’s use and value.
i think that zillow is either
mildly inaccurate to very very very inaccurate
to finally unbelievably ridiculously inaccurate.
I’ve found that in certain areas the ZEstimates are very inaccurate sometimes off by 50% or more of market value. But, I believe their comps are from data collected directly from county real estate records. So , it can be a helpful tool to get a sense of recent comps in the area.
Hey, ifyou can stand to be with $100K or so on a $100K house, it works pretty well!
I have found Zillow to be off by 50% also. It does not take into account rehab work done. Just like a drive-by BPO.
I think it depends on the area that you are looking at. For instance, the area that I am in there are neighborhoods that have $250k newer homes and 3 blocks over are houses that sell for $110k but is 60yrs old. But for the most part I have found zillow to be VERY accurate in my area. And as stated in the previous post they get all of their information from county sites, so if the county is off (sq. ft., rooms, etc.) then zillow will be way off. I think zillow gives you a great place to start for home values.
I think the bigger problem is that most people don’t want to believe that the house that they paid $200k for 3 years ago might actually by worth only $185 now. :flush
just 2 cents…
I have found cyberhomes.com to be a little more accurate than zillow, but they get the info from the same places. It’s a good ballpark though.
I found realestate.yahoo.com to be more accurate than zillow, simply because they give a range, and follow the fluctuation of the local market.
Use Bank of America - their values are more realistic. http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=oma&state=pa&origin=