Sunday, July 6, 2014

July 2014 Zillow Value

I don't put much faith in Zillow but I do check it occasionally. The Zillow estimate for our house this month is up to $321,813. I think that the value is around $325,000 based on the comparables but it's a little hard as our property is very unique. We have almost 20 acres with a beautiful old barn but a new house. We have around $350,000 into the lot and house. We have no intention of selling any time soon so it doesn't really matter.

Do you check Zillow? Do you think its accurate?

7 comments:

  1. I use Zillow as a jumping off point. Our house value has gone up 20k in the past month. I hope it is right!

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    1. Myati, you are exactly right! Plus its never bad to have your house value go up on Zillow.

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  2. I look at it and then also look at what other houses have sold for in the area - price per square foot. It usually is not too far off. Our house sold recently for just a few thousand off from Zillow.

    Wow! 20 acres with an old barn. Dream Land for us...

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  3. Similarly - I use it as an estimate to indicate whether the larger market is trending up or down. I find that it's directionally accurate, but not close enough to our actual property value to be 100% - maybe 85-90% accurate for our home?

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  4. I bought my house 1 year ago and I have checked it a few times just to make sure it's maintaining it's value. I have no plans to sell anytime soon, but I'm a worrywart.

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  5. I check Zillow and Trulia all the time! We have a threshold, that if our house goes over a certain number, we will sell. Thats a long way off, but home prices in our city have risen 12% in the last 2 years.

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  6. My daughter just sent me a zillow on her house the other day. It was about 200,000 more than I think her house would sell for. (600,000 as vs. 400,000). Mine is right on, although it lists my house for 15,000 less than a neighbors whereas mine is clearly nicer, although hers is slightly larger...so it doesn't take into account your home condition. I can't tell you why my daughter's was so over-estimated on zillow except that in her zip code, there are some million dollar homes down to 200,000 (a city area) whereas my area has all the same priced homes. They must use a formula for their estimates. I think it would be more accurate to just go to realtor.com and see what houses in your area sold for in the past year, and figure out yours from that.

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