Zillow home estimates

[Mdlerth]

"Do ya feel lucky? Do ya, punk?" "Well, no I don't."

I use Personal Capital as a spending tracker, budget, etc. It is linked to my checking account, savings, investments, retirement, etc. and is MUCH easier to access and more user-friendly than my actual online banking, so I use this instead of my online bank. So, I'm on it almost every day... Not to check my home value and net worth, but I see all of that every time I log in.

And I check my investments online EVERY single day. I don't let the ebbs and flows of the market influence my decision to hold onto good investments. I don't get spooked and sell (though if I have cash, I will use downswings as a time to buy). I just enjoy checking my stocks and reading the pertinent news articles, financial statements, etc. You may dislike this and consider it another task. I enjoy it, thus it's not another task for me.

If you enjoy it - and volatility doesn't cloud your judgment - then more power to you. I have a number of friends, stalwart yeomen of stout heart and strong mind, who love nothing better than to track their money. It's their natural hobby; if investing had not been invented already, they would have invented it. They happily spend hours each day at it, and reap rewards commensurate with the effort. You sound like their kindred.

But as for me, well, I'm the guy Clint Eastwood was thinking of when he said "A man's gotta know his limitations". That's the real, unexpurgated Mdlerth: just an ordinary guy subject to ordinary impulses. The constant ups and downs of markets would eventually wear down my resistance, and I'd be day trading my way into bankruptcy. Before you knew it, I would end up either on welfare, on Valium, or on the news.

So my money and I maintain a cordial but limited relationship. I don't bother it much, and it seldom bothers me.

 

[dirtbiker]

If you enjoy it - and volatility doesn't cloud your judgment - then more power to you. I have a number of friends, stalwart yeomen of stout heart and strong mind, who love nothing better than to track their money. It's their natural hobby; if investing had not been invented already, they would have invented it. They happily spend hours each day at it, and reap rewards commensurate with the effort. You sound like their kindred.

But as for me, well, I'm the guy Clint Eastwood was thinking of when he said "A man's gotta know his limitations". That's the real, unexpurgated Mdlerth: just an ordinary guy subject to ordinary impulses. The constant ups and downs of markets would eventually wear down my resistance, and I'd be day trading my way into bankruptcy. Before you knew it, I would end up either on welfare, on Valium, or on the news.

So my money and I maintain a cordial but limited relationship. I don't bother it much, and it seldom bothers me.

I guess I can never say never, but so far it hasn't clouded my judgment. I try my best to follow the advice of Warren Buffett, and his thoughts on letting day to day stock changes affect one's longterm investing goals are well known. I always keep the longterm time horizon in the back of my mind when it comes to this.

I also remember a good family friend who lost a ton of money in '08 and '09. He ended up staying stalwart on his investments for quite awhile, but then got spooked and sold all of his equities to take a cash position right at the bottom. Then he held onto his cash position until well into the recovery and lost a ton of money. Had he just stuck it out, he would have been just fine. I always keep this in mind too.

Not checking often, like you do, is probably the best way to do it. But I don't have the self control to NOT check mine often.

 

[Rustic23]

Our estimate was under, however, they missed sq ft by a third, and we seem to have a 3 bedroom 13 bath house. It's bad around here when it is time to scrub the toilets!

 

[gregorit]

You should always "claim" your house on Zillow if for no other reason than to prevent someone else from doing so. Once there, modify the entry based on what you want:
* If you want anonymity, remove all photos, modify the house parameters, make sure no PI info is left.
* If you want the Z*Estimate to be as accurate as possible, then make the profile accurate. Sq. footage, add-ons, improvements, etc.
* If you want to sell or showcase the property, stage and add appropriate pictures.
* If you don't care, do nothing.

What you SHOULD NOT do is whine and complain about the legacy/auto-generated house profile values that you could have updated yourself.

 

[REWahoo]

...we seem to have a 3 bedroom 13 bath house. It's bad around here when it is time to scrub the toilets!

You must have a HUGE septic tank!

 

[Walt34]

Our estimate was under, however, they missed sq ft by a third, and we seem to have a 3 bedroom 13 bath house. It's bad around here when it is time to scrub the toilets!

A quote I remember from a Dr. Phil show that DW was watching when I walked by:

Never buy a house that has more bathrooms than you want to clean.

 

[steelyman]

A quote I remember from a Dr. Phil show that DW was watching when I walked by:

More appropriate for a thread about decluttering/downsizing, but there was one something like:

Never have so much clutter that you’re relieved if the house catches fire.

 

[Paulz]

I compare between several sites-Zillow, Redfin, etc. Of all the various ones, I've found Redfin to be the most reliable.

 

[gooddog]

Zillow is notoriously inaccurate in rural areas, so much so that it has a little rental we own worth more than an oceanfront compound we own. Both properties are in the same town. The rental was overvalued by about 80k, and the ocean house was undervalued by about 500k. Wouldn't put too much faith in Zillow.

 

[Buckeye]

What I don't like is the pictures of my home when it was for sale 4 years ago. Inside and outside pictures. I really don't want anyone to know what it looks like for defensive purposes. Our community has too many cat burglars out there scouring the internet and Facebook looking for citizens on vacation and especially those with fine homes to burglarize.

We've gone into a defensive mode including installing a new, stronger front door unit, new monitored alarms, beefed up door locks and door jambs. And it doesn't hurt to have a 130 pound Rottweiler living as a house dog.

I claimed my home on Zillow and deleted the pictures posted by the realtor who sold us the house. That was back in 2015. I don't know whether the ability to delete photos still exists.

 

[Teacher Terry]

I just deleted the photos.

 

[joeea]

I compare between several sites-Zillow, Redfin, etc. Of all the various ones, I've found Redfin to be the most reliable.

Interesting.

I've been tracking my two homes' values for several years using Zillow, Redfin, and Realtor. Redfin is consistently the outlier. On one home it consistently tracked very low. On the other home it consistently tracked very high.

We sold our primary residence last month. Zillow and Realtor were close to the sale price. Redfin wasn't close at all.

 

[Bongleur]

I just deleted the photos.

What personal info do they demand to prove its yours?

 

[Rustic23]

You must have a HUGE septic tank!

Well I always heard a house could not have to manny Johns

 

[indiajust]

Zillow removes "estimates" that were wrong, annealing data to remove inconsistency. I had estimates 30% below offering. Estimates remained $150k below sales price over a year after house sold. Three years later, bogus "estimates" are gone and it shows smooth progression over 16 years from purchase to sale. Algorithmic rose-colored glasses.

I enter data for net worth manually in quicken, tax value less selling costs, each year. After selling, I retroactively add transactions for value change, sweat equity, and direct expenses by year. (quicken report for house spending, hours tracking at $10/hr for sweat). You only know the truth ex post facto.

 

[dirtbiker]

What personal info do they demand to prove its yours?

I did it a few weeks ago, and I don't remember all the details, but I do know it was very easy to claim a home... And I think anyone could claim any home. I'm pretty sure I just needed to put in my name and email. I don't recall any detailed info being asked.

 

[jIMOh]

The websites use algorithms to estimate value... I would be curious if the discussion would add detail.

Example- in 2017 I paid ~165k for a condo built in 1973. During this thread I checked zillow (worth $198k) and Redfin (worth $187k). I likely should have only paid $130k for the condo- it is very old, very run down- same fixtures and heater as when house was built.

I have since put $11,000 into the HVAC and furnace to replace it.

On redfin I see 3 other condos in my neighborhood estimated above $200k. If someone walked up and offered me $200k for my place I will happily sell and move.

I do have a great location, so based on location maybe the land is worth 200k, I think the structure on the property should be fully depreciated after 46+ years.

I would be curious if the fluctuations others are commenting on can be further categorized (how new is house, how desireable is the location).

For those with steady values, how mature is location (the values listed for me are steady- same thing I saw when I looked 2 weeks and 2 months ago)?

 

[imoldernu]

I have posted on this before, but it might be interesting to see it on a Zillow thread. The link is to our former home in Falmouth Mass., where we bought and lived from 1967 to 1973.
The current Zillow price estimate just amazes me. We bought for $12,000 and sold for $18,000. To be very frank, the house looks to be in much worse shape than when we bought. Certainly the outside. A short walk to the Sears store where I was the manage, about 3 minutes by car to the beach, and ten minutes to the Ferry to Martha's Vineyard where I had been the store manager since 1960.
With two kids at the time, both, we all spent every spare minute at the beaches.

https://www.zillow.com/homes/72-Oakwood-Ave-Falmouth,-MA,-02540_rb/

 

[imoldernu]

Since I mentioned Vineyard Haven, (Martha's Vineyard), you might be interested in this home, where we lived for three years in the early '60's, before we moved to Falmouth.

We rented, for $70/month. It was owned by a niece of William Randolph Hearst. If we had the money, we could have bought it for $30,000.

Look at the Zillow price estimate today.
https://www.zillow.com/homes/152-main-street-vineyard-haven-mass_rb/..............

That isn't the best part of this story... Look here to see more about what the house is used for today...
And... if it looks like a nice place to stay for a short vacation, you can rent the whole house for a whole weekfor only $8400.00.

1720 House Bed & Breakfast - Home

enjoy!

 

[jfn111]

Zillow Zestimates tend to drive RE Agents nuts. Some areas they are fairly accurate. I live in an area of 3 bedroom ranch style homes and Zillow is pretty good at picking up the average selling price of these style homes.
Other suburbs that have a 1500 sq ft ranch sitting next to a 5000 sq ft McMansion (Edina MN) Zillow can be way off.
In MN Zillow does pay our MLS for a direct feed so It picks up every listing and sale. The algorithms they use pick up average prices based on sq footage and recent sales. They don't know the condition of the house or whether the house is facing the freeway sound barrier or 8 blocks away.
Zestimates should be used for entertainment purposes only.

 

[Sanbenito1]

Accurate for me

Zillow is a very good estimator in my neighborhood, which has a decent amount of recent sales nearby for comps. I have a realtor neighbor who gave me almost exactly the same price as Zillow. It does go up and down, but it’s only meant to be a ballpark tool

 

[Bongleur]

info on algorithms & various estimators online:
UPDATED: Online Home Value Estimates Are NOT Appraisals

 

[meleana]

The best way to know what your home is worth is to pay for a professional appraisal.