Be careful using Zillow to determine the value of your home
Alot of people are relying on Zillow.com to find the value of their home. I have played with Zillow and find it to be a very fun and useful program. However, I have seen large discrepencies between a properties actual value and the value from Zillow. I think it is a good way to get an estimate of value. However, most people have a pretty good idea of what their home is worth.
Here is a write up on Zillow with several reviews from people around the country. http://mortgagenewsdaily.com/2242006_Zillow_Review.asp
Here is a write up on Zillow with several reviews from people around the country. http://mortgagenewsdaily.com/2242006_Zillow_Review.asp
posted by Marc Rasmussen at
5:59 AM
2 Comments:
I find your blog very informative and I do agree with your statement that Zillow is often not accurate, clearly the technology needs improvement.
I do wholeheartedly disagree with your statement, however, that "most people have a pretty good idea of what their home is worth."
Clearly, when looking at the inventory of homes listed for sale today, the vast majority is significantly overpriced. This leads me to believe that most home owners in fact do not know what their home is worth. Rather, I find that there is a lot of wishful thinking prevailing - not only amongst home owners, but also amongst real estate professionals.
Homeowners who think that their homes are worth the same amount of money they were at the peak of the market last year are going to be disappointed in my opinion.
Thomas Heimann
Thanks for your post and the compliment Tom.
You are right. I should have been more specific with my statement. Those that have been keeping up with what is happening in the market and more specifically watching what properties have sold in their area probably have a realistic price range for their home. Although, many of them choose to ignore this realistic price range when listing their property. I believe alot of sellers out there are simply ignoring the facts and hoping for the best or a miracle when they place their property up for sale.
I agree with your statements about wishful thinking from the Realtors and sellers.
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