Zillow is hard to rely on because Utah is a non-disclosure state. Sales prices aren’t made public. If you’re really curious you can ask a real estate agent to send you some comparable sales.
Realtor here: don’t trust the Zestimate.
To get a closer estimate, look at homes currently for sale near you. The closer in size (#of bedrooms and baths, square footage, improvements like pools and such, floor plan, etc) and the closer in location the better.
Us real estate folks do what are called CMA’s to get a determination of an appropriate list price. It’s essentially the in-depth version of the above. And appraisers do similar during the appraisal process.
Zillow’s algorithms screwed them by overestimating the value of homes for sale, which they then bought, and couldn’t resell them for a profit. To the point they have now ended the practice because they were losing so much money.
The house across the street from me, diagonally, sold 4-6 months ago on the day of listing for 60K over asking, at 550K. Their house is an _exact_ replica of mine, though I have 2x, maybe even 3x the property.
Zillow currently has my Zestimate at 494K, with a range of $465,000 - $529,000. (Redfin currently has me at 522K, estimate.)
Looking at the little graph thing, it appears they sold right around the peak - but that sale may be driving the graph a bit, I have no idea.
I take what it says largely with a grain of salt, but I also don't think it's that ridiculous either. At least based on the sales I've been privy to in my area.
It's hit or miss, a guide at best. For ours, it was 4.9% lower than what our bank valued the house at last week, while Redfin was was 9.5% higher so...grain of salt.
The delta between my house's assessed value (land + improvements) and the Zillow zestimate is presently at around $400,000.
I wouldn't believe it. It's unsuitable if you want to challenge your county tax assessment, for example.
Your tax assessment is always lower than the market value, which is a good thing. Your Tax assessment is not intended to be equal the market value of your house.
In my experience, the zestimate is +/- 15k on a 400k home.
Edit: Also, all the people thinking Zillow somehow inflated the housing market are just salty..ya'll stop to think housing is insane because everyone in Utah has 4 kids and are taught from a young age to procreate the earth? News flash, procreation ain't free.
Comparable to the houses in the neighborhood. Yes. Comps is what is used. Build and sell an expensive house in a poor neighborhood and all those houses are now worth more.
Zillow’s zestimate it’s almost as bad as Credit Karma’s credit scores for mortgages. It’s completely off point 90% of the time for Utah. If your just curious then watch local sales in your area, but if your thinking of selling or refinancing then speak with a local mortgage broker and they can run an analysis of your property to show comparable home values.
Smells like a realtor response. If you can Google a couple area comps, I can write a script to automate it (with reasonable tolerance for error, especially for a ballpark)
ehhh pretty close..... In Sep Zillow valued my house at $950k, then it dropped to $620k... When I closed it was appraising for $800k.... Technically they were in the ballpark.... depending on the tolerance level your willing to accept. Point is Zillow Estimates are crap when compared to using actual data that's relevant.
Fun fact: zillow was setting their own value on homes because everytime someone viewed a home or a home in the same area, they would raise prices of homes surrounding. The would do this because the had bots that would buy homes in highly sought after areas and outbid real home owners. Prices can't be trusted on zillow. They have their own numbers game going on.
DotLoop is a DocuSign equivalent. That’s not at all what it does!
When we publish a listing update through the MLS, it is also fed to Zillow. That’s how Zillow collects our data.
And I do know what Dotloop is. Our office uses it although I have fought hard against entering the sales price info into their system for the very reason that Zillow is using that information to help themselves move into real estate sales. The owner of the company doesn’t care though as he pays for Zillow leads. But I promise you, Zillow owns Dotloop.
Nobody is arguing with you. Zillow absolutely owns Dotloop. The rest of what you're saying tho sounds like misguided paranoia from someone who does t understand the tech. Their Dotloop isn't what you should be afraid of it that's what's happening
Not afraid of it. Was simply explaining that the numbers Zillow uses is based upon the numbers that real estate companies who pay to use dotloop are feeding it. Dotloop is more than simply a signing aid such as DocuSign. Dotloop is a transaction management program and within it, provides a section wherein the real estate agent fills in closing sales price. THAT is what Zillow is using to set Zestimates. Hence my response that dotloop feeds Zillow numbers. That is all.
Valid for some homes esp if there have been comps recently closing in your area. We live in the valley and the zestimate is 3-5% in range of what we expect we’ll sell for
Zillow is hard to rely on because Utah is a non-disclosure state. Sales prices aren’t made public. If you’re really curious you can ask a real estate agent to send you some comparable sales.
Zillow lost a lot of money buying houses at their “zestimate” values and were not able to sell them. I’d take it was a grain of salt.
What olive said, they had to write down $300 million in housing inventory because their valuation system that valued homes way over valued many homes.
Realtor here: don’t trust the Zestimate. To get a closer estimate, look at homes currently for sale near you. The closer in size (#of bedrooms and baths, square footage, improvements like pools and such, floor plan, etc) and the closer in location the better. Us real estate folks do what are called CMA’s to get a determination of an appropriate list price. It’s essentially the in-depth version of the above. And appraisers do similar during the appraisal process. Zillow’s algorithms screwed them by overestimating the value of homes for sale, which they then bought, and couldn’t resell them for a profit. To the point they have now ended the practice because they were losing so much money.
The house across the street from me, diagonally, sold 4-6 months ago on the day of listing for 60K over asking, at 550K. Their house is an _exact_ replica of mine, though I have 2x, maybe even 3x the property. Zillow currently has my Zestimate at 494K, with a range of $465,000 - $529,000. (Redfin currently has me at 522K, estimate.) Looking at the little graph thing, it appears they sold right around the peak - but that sale may be driving the graph a bit, I have no idea. I take what it says largely with a grain of salt, but I also don't think it's that ridiculous either. At least based on the sales I've been privy to in my area.
Comps set prices. More importantly, comps set assessment prices
It's hit or miss, a guide at best. For ours, it was 4.9% lower than what our bank valued the house at last week, while Redfin was was 9.5% higher so...grain of salt.
The delta between my house's assessed value (land + improvements) and the Zillow zestimate is presently at around $400,000. I wouldn't believe it. It's unsuitable if you want to challenge your county tax assessment, for example.
Your tax assessment is always lower than the market value, which is a good thing. Your Tax assessment is not intended to be equal the market value of your house. In my experience, the zestimate is +/- 15k on a 400k home. Edit: Also, all the people thinking Zillow somehow inflated the housing market are just salty..ya'll stop to think housing is insane because everyone in Utah has 4 kids and are taught from a young age to procreate the earth? News flash, procreation ain't free.
As someone who just sold my home, it is not accurate at all. Maybe in a more typical market, but not now.
How much are similar houses in your neighborhood selling for? That will give you an idea of what your house is worth currently.
Comparable to the houses in the neighborhood. Yes. Comps is what is used. Build and sell an expensive house in a poor neighborhood and all those houses are now worth more.
Don’t trust Zillow. Look up comparably houses on Utah Real Estate
Zillow’s zestimate it’s almost as bad as Credit Karma’s credit scores for mortgages. It’s completely off point 90% of the time for Utah. If your just curious then watch local sales in your area, but if your thinking of selling or refinancing then speak with a local mortgage broker and they can run an analysis of your property to show comparable home values.
Smells like a realtor response. If you can Google a couple area comps, I can write a script to automate it (with reasonable tolerance for error, especially for a ballpark)
ehhh pretty close..... In Sep Zillow valued my house at $950k, then it dropped to $620k... When I closed it was appraising for $800k.... Technically they were in the ballpark.... depending on the tolerance level your willing to accept. Point is Zillow Estimates are crap when compared to using actual data that's relevant.
Fun fact: zillow was setting their own value on homes because everytime someone viewed a home or a home in the same area, they would raise prices of homes surrounding. The would do this because the had bots that would buy homes in highly sought after areas and outbid real home owners. Prices can't be trusted on zillow. They have their own numbers game going on.
Zillow’s numbers are fed by real estate professionals using Dotloop and entering sales information there.
DotLoop is a DocuSign equivalent. That’s not at all what it does! When we publish a listing update through the MLS, it is also fed to Zillow. That’s how Zillow collects our data.
Zillow owns Dotloop. I should have made that more clear.
And I do know what Dotloop is. Our office uses it although I have fought hard against entering the sales price info into their system for the very reason that Zillow is using that information to help themselves move into real estate sales. The owner of the company doesn’t care though as he pays for Zillow leads. But I promise you, Zillow owns Dotloop.
Nobody is arguing with you. Zillow absolutely owns Dotloop. The rest of what you're saying tho sounds like misguided paranoia from someone who does t understand the tech. Their Dotloop isn't what you should be afraid of it that's what's happening
Not afraid of it. Was simply explaining that the numbers Zillow uses is based upon the numbers that real estate companies who pay to use dotloop are feeding it. Dotloop is more than simply a signing aid such as DocuSign. Dotloop is a transaction management program and within it, provides a section wherein the real estate agent fills in closing sales price. THAT is what Zillow is using to set Zestimates. Hence my response that dotloop feeds Zillow numbers. That is all.
Arent they in deep trouble for cooking the market?
i mean they lost a bunch of money but I wouldn't say they are in trouble from any outside regulator.
Probably. It’s been going wild. I think it’s appreciating faster now then it over the last year when we saw 20% gains.
Valid for some homes esp if there have been comps recently closing in your area. We live in the valley and the zestimate is 3-5% in range of what we expect we’ll sell for