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DoorMat

posts: 289

Jan 06, 2008 12:06 AM ET Quote Report Abuse

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Anyone in Real Estate or otherwise here use zillow.com? I am curious as to opinions on the accuracy of their "Zestimates". My Wife, a knowledgable Realtor & Real Estate Paralegal, says it tends to be over priced, while a lady I work with whom handles the financing says it runs under priced. Opinions? Thoughts?

KJC

posts: 69

Jan 07, 2008 11:35 AM ET Quote Report Abuse

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I am familiar Zillow and quite perplexed by their "Zestimates." I live in the midwest where real estate valuations continue to decline. I subscribe to their Zestimate updates that provide monthly updates on the "value" of my properties. I have noticed that valuations will change quite significantly from month to month, sometimes favorably and other times unfavorably. In the current market condition, I know that my valuation is not going up, now or anytime soon. At the end of the day, their Zestimates fail to consider the quality/condition of the property. I think it is mostly based on historical activity. Most of the sales these days that are foreclosures will dramatically reduce the averages, however many of these properties are not even in what I consider livable conditions (again, I am only speaking of the midwest). I think the site is intriguing and certainly fun to play around on. However, I would not put any stock in anything on Zillow as the source of their information is uncertain and there are obvious flaws in the Zestimate system.

I am interested to hear what everyone else thinks of it, especially realtors and investors!

AdsMaster

posts: 22

Mar 02, 2008 9:33 PM ET Quote Report Abuse

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I live in South Florida and I have used zillow before, but I am not too convinced of their zestimates either. Everything else does seem to check out, because I did some cross referencing with other sites.

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AdsMaster
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DoorMat

posts: 289

Mar 06, 2008 9:33 PM ET Quote Report Abuse

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I also have noticed the values do fluctute as you suggest KJC. I saw my home value was going down in small amounts consistently for the last couple of months, yet a home closed 2 weeks ago a few houses down from me for more than $100k more than mine is worth and that shot my zestimate up (or at least that`s what I am assuming did it)

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