Zillow home estimates

[OldShooter]

Why would you care what Zillow thinks? For net worth I use the annual county appraisal but I don't take it too seriously.


When the time comes the market will tell you what the house is worth. Until then why worry about it?

 

[SumDay]

Help me out here, because I don't understand. Are you saying you check these data on a daily basis? Do other people do that?

.............

If I simply "do not get it", it wouldn't be the first time, so I'd appreciate if you could explain why you do this.

I'm retired, I have the time, I enjoy "fiddling" with it, it gives me an excuse not to vacuum, and it brings me comfort. I've only been retired 9 months, so maybe this will fade in time, but for now it's a daily morning thing for me. I can say I've never slipped into a panic when the market has a bad day, nor have I rushed out and bought a yacht when it's on an uphill climb.

And I don't care what PC says my home is worth. I'm paying more attention to our spending and investment performance.

 

[ivinsfan]

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.

This shouldn't be happening, Zillow should bring up a pic of the outside of your house with the Zestimate, but only that since your house in not for sale. I'd contact Zillow and complain.

 

[davebarnes]

This shouldn't be happening, Zillow should bring up a pic of the outside of your house with the Zestimate, but only that since your house in not for sale. I'd contact Zillow and complain.

Create an account on Zillow.
Claim you house.
Then you control most of the data (including photos).

 

[foxfirev5]

The only numbers I care about for my homes are the taxable value and annual property taxes. Since I have no plans to sell or take out any loans the NW factor is moot.

 

[eastnortheast]

I check home value on:
https://www.redfin.com/
They at least give you recent "solds" in your area and the date of the sale so you can see what they're basing the value on.

I just went on Redfin - actually the first time I had heard of it. The estimate it is giving for my house is ~ $200K over the Zillow estimate.

Live in a rural area with non tract houses, so difficult to estimate value, but not sure where/how redfin came up with their number. If someone offered me what they estimate the house it worth, I would sell in a split second.

 

[imoldernu]

Zillow is quite close on our home, and similar Villas in our CCRC.

I believe, but don't know, that the numbers are based on local government valuations and real estate sales... If that is the case, it's not a matter of individuals walking up and down the streets of town guessing what the value of a house is. So... tax value, recorded sales, economic considerations... locally recorded sales and general economic conditions (housing market).

So... gross numbers... not individual, so if you had hardwood floors, a new roof, a recently refinished basement, or a major upgrade, your valuation may not have changed. In effect, it's a mechanically produced estimate, based on publicly available statistics.

And... a still small voice that says that net worth DOES include the value of your house, that $8,000 diamond ring, the $45,000 Mercedes, and the house on the lake. My Stradivarius won't count 'cuz I giving it to my granddaughter, so she can see what it's like taking violin lessons for three or four years.

 

[W2R]

I just went on Redfin - actually the first time I had heard of it. The estimate it is giving for my house is ~ $200K over the Zillow estimate.

In my case, I just checked Redfin, and it says my house is worth 126% of what I paid for it less than 4 years ago.

Zillow: My home is worth 142% of what I paid for it in June, 2015
Realtor.c0m: My home is worth 139% of what I paid for it in June, 2015
Trulia.c0m: My home is worth 129% of what I paid for it in June, 2015
Redfin: My home is worth 126% of what I paid for it in June, 2015

So, in my case, Redfin is the lowest so far. Apparently all of these websites are having a hard time figuring out what my house is worth.

 

[braumeister]

For those using USAA, I find their home value estimates to be very good. Conservative and pretty much in line with what I would estimate myself. I'm not really interested, but it shows up whenever I log on because my home insurance is with them, as well as a bank account. I'm mildly surprised they don't add another section for what our cars are worth!

 

[Another Reader]

In my case, I just checked Redfin, and it says my house is worth 126% of what I paid for it less than 4 years ago.

Zillow: My home is worth 142% of what I paid for it in June, 2015
Realtor.c0m: My home is worth 139% of what I paid for it in June, 2015
Trulia.c0m: My home is worth 129% of what I paid for it in June, 2015
Redfin: My home is worth 126% of what I paid for it in June, 2015

So, in my case, Redfin is the lowest so far. Apparently all of these websites are having a hard time figuring out what my house is worth.

The most important takeaway is that it's worth MORE! In fact, it's probably at an all time high! Whee!!!

 

[W2R]

The most important takeaway is that it's worth MORE! In fact, it's probably at an all time high! Whee!!!

I know! I shouldn't be so skeptical and should be utterly thrilled!!!

 

[Scrapr]

Zillow has "the number" then below that has a range that they estimate. Zillow also doesn't take into account special items you may have improved the home with. Like special landscaping, paver patios, built in BBQ, the Viking range in the kitchen, etc.

That said it was close on our home sale 3 years ago. That home is plus $100k now, so I try not to look

 

[W2R]

Zillow has "the number" then below that has a range that they estimate. Zillow also doesn't take into account special items you may have improved the home with. Like special landscaping, paver patios, built in BBQ, the Viking range in the kitchen, etc.

In all but a few areas, it also doesn't take into account the really "special" stuff like square footage, bedrooms, or bathrooms. (see below, from the Zillow listing of my house; the same is true for nearly every other house around here).

That said it was close on our home sale 3 years ago. That home is plus $100k now, so I try not to look

Hey, that is great! It's nice to see your property going up, especially if it tends to be realistic in your area.

 

[MarieIG]

Help me out here, because I don't understand. Are you saying you check these data on a daily basis? Do other people do that?

I think there are two reasons this is a bad idea. One, this is a retirement forum, yet you contrive for yourself an extra task each day. A reasonable person might consider this counter to the concept of retirement. Admittedly, I'm a lazy lump whose retirement goal is to REDUCE the number of tasks I have to do each day, so maybe I'm an outlier. But I don't check my PF more than a dozen times a year, and even that's probably too often. Similarly, most days I purchase nothing, so there would be no need to track spending every day.

The second and more important reason is that, unless you have an asset allocation of 0/100, your NW is likely to vary a LOT. Real estate, stocks, gold, pork bellies, artwork, classic cars, bitcoins, etc.; they all bounce around constantly. If you follow your investments too closely, every fluctuation could potentially influence you to react in ways you'll wish you hadn't.



Sure, "one day" you'll roll your current equity into your forever house. But if that day isn't imminent, what is the urgency for checking it on a daily basis?

If I simply "do not get it", it wouldn't be the first time, so I'd appreciate if you could explain why you do this.

No, I don't. But this thread did make me look!

The Zillow photo of my house is very funny. I wish I knew how to post it. All you see is a tree.

 

[RobbieB]

Zillow is pretty close for me. Mine is within 20 grand of a comp (that sold) just down the street.

 

[Scrapr]

Hey, that is great! It's nice to see your property going up, especially if it tends to be realistic in your area.

alas we sold too early and lost that appreciation. We had several reasons for selling. A lot of it to take some risk off the table as far as retiring. We just moved to our vacation home

We are back to the 'hood pretty regular. The new owners joined up with the 4:00 pm dog group at the park. I tailgated at a football game with them last fall.

 

[brucethebroker]

In many areas of the country, comps (solds) are not available except through the local MLS. That means that only a Realtor (and mortgage appraisers) will have access to that info. In those areas, everything else is speculation. Realtor.com is a nice place to start, most likely with the best info, however...

If you want the best estimate possible, contact an experienced (10 yrs +), local Realtor with knowledge of your particular neighborhood. Things like swimming pools, walk out basements, new decks, etc., will be taken into consideration on your home's valuation. Ask for a market analysis-you can most likely get this done for free, by a hungry Realtor.

Or, you can pay $400 (+/-) for an appraisal, by a professional mortgage appraiser.

I offer this not to pooh-pooh the fun of looking up a homes value online, only to help if someone reading is seriously considering selling their home.

 

[target2019]

Our zillow estimate has always been close to reality. Need to look at the three curves presented and come up with an average estimate. This will likely bring you to the true selling price. It's not necessary to pay for an estimate. I recall the zillow estimate for in-laws home was dead on the money. I used to record the estimate each year from 2005 through 2014. It followed a reasonable up and down path, just as I see now for our home. The only number I keep in mind for our home, is what I expect we'll get to keep after a sale in next 3-5 years, hopefully.

 

[LRDave]

We just sold our suburban boat-anchor. Zillow was actually pretty close. Realtors don't like the high estimates, but it has driven activity and leads for all of them.

 

[ExFlyBoy5]

For those using USAA, I find their home value estimates to be very good. Conservative and pretty much in line with what I would estimate myself. I'm not really interested, but it shows up whenever I log on because my home insurance is with them, as well as a bank account. I'm mildly surprised they don't add another section for what our cars are worth!

When we bought our current house and was shopping for insurance, both USAA and Amica knew A LOT about the house already; Amica even had pictures from the MLS and previous FSBO marketing pictures. It was downright surprising to me how much information these folks know.

 

[foxfirev5]

IMHO. Unless you live in a cookie cutter neighborhood, the estimates vary significantly. I wish my properties were worth the zestimate. I would sell and capitalise on the market inefficiency. However the real market prevails.

 

[ziggy29]

It feels like about once a month, Zillow does a major "repricing" of its estimates. Most days for our house, the estimate may go up or down a few hundred bucks, and usually within (say) $2-3K over the course of a week or two. But every so often, the estimate rises and falls by $30-50K (usually alternating, rising and falling, rising and falling, since trees aren't growing to the sky).

I've seen our house go from $318K (shortly after we bought it for $309K last September), then spend a few days in the $318-322K range, then jumped to $355K. At one point it rose to $362K, then a week ago back down suddenly to $319K. So I tend to think there are just occasional, substantial changes to their algorithm or how and what goes into the estimate. And other than that, just tracking deltas in regional sale prices from day to day (perhaps over a rolling time period).

 

[jim584672]

Zillow has been way off from reality where I am.

 

[pb4uski]

We sold my Mom's home recently. Zillow, Trulia and Realtor.com estimates were all near to each other. However, what I found out is that those are "average" based on average per sf prices for those styles of homes.

In her area all the homes are pretty similar... one level ranch-style... generally 2 bdrm/2 bath with 2 car garage. However, what can variy widely is updates and maintenance level. We ended up selling for about 86% of the Zillow estimate because it needed a new roof and there was significant deferred maintenance.

Similar thing for our Florida condo... some are original and some are renovated and Zillow has no way of knowing and differentiating.

 

[dirtbiker]

Help me out here, because I don't understand. Are you saying you check these data on a daily basis? Do other people do that?

I think there are two reasons this is a bad idea. One, this is a retirement forum, yet you contrive for yourself an extra task each day. A reasonable person might consider this counter to the concept of retirement. Admittedly, I'm a lazy lump whose retirement goal is to REDUCE the number of tasks I have to do each day, so maybe I'm an outlier. But I don't check my PF more than a dozen times a year, and even that's probably too often. Similarly, most days I purchase nothing, so there would be no need to track spending every day.

The second and more important reason is that, unless you have an asset allocation of 0/100, your NW is likely to vary a LOT. Real estate, stocks, gold, pork bellies, artwork, classic cars, bitcoins, etc.; they all bounce around constantly. If you follow your investments too closely, every fluctuation could potentially influence you to react in ways you'll wish you hadn't.



Sure, "one day" you'll roll your current equity into your forever house. But if that day isn't imminent, what is the urgency for checking it on a daily basis?

If I simply "do not get it", it wouldn't be the first time, so I'd appreciate if you could explain why you do this.

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.