If Zillow was an accurate site, all appraisers would be out of business...

Sat May 10 2008, 19:05

Hello Hy, the issue Zillow has in Texas is that this is a non-disclosure state. They can get offer price only...not sold price unless the seller themselves gives it to them (that would be rare). It is best to contact a Realtor and ask any specific questions you have about a property...the Realtor you choose to represent you has access to all the info to help you make an informed decision.

Sat May 10 2008, 14:09

Hi Hy,

Zillow doesn't really work well in Texas as far as prices go. Not sure about other parts of the country. Here we don't record sales prices at the courthouse only mortgages so that's why it doesn't work well. For a while it was close in some of the newer neighborhoods where there were lots of people using 100% financing, but in older neighborhoods where people might have 50% equity or use larger down payments the numbers are way off. Much like the example you gave. I've also seen Zillow numbers change by $40,000 or so on the same property in a fairly short amount of time. I just wouldn't depend on Zillow or tax appraisals to value a house. A common list to sales price percentage I see is 97% and that's probably a good ballpark to use. If it listed for $450,000, maybe you could get for $435,000. Obviously each situation is different, but it would be unusual in my experience for the house to be listed at $100,000 over market value. The 97% list to sales is just an idea. There are some homes that will sell for list or more...usually those are the ones that are decked out and look good. The ones that are beaters and need work and need updates could sell much below that ratio. Zillow is good for some other information like schools, maps, etc.

Thu May 8 2008, 19:21

Zillow is only a source it is not the true value of home, only the CMA's provided by a real estate agent, and appraiser will provide you the true value. Keep in mind in order to effectively work with a real estate agent you need to be pre-approved for loan, with all offers must have a pre-approval letter, with the current changes in lending many buyers who could have qualified several months ago no longer are qualified. The 100% financing is a rare exception however there can be 95% loans based on credit scores and etc.

However only use those sights as search tools, or a real estate site in that area that is "real time MLS"

WELCOME TO TEXAS.

Thu May 8 2008, 16:48

To answer your question, I would not offer $350 if they are askign $450 for the house. I will be glad to prepare a Market Analysis for you. You can find my contact information on my website.

Alos, no need to worry about hurricanes in Katy. I live only a couple of miles NE of Katy and we are too far inland for any serious flooding. I don't blame you for being concerned after all the media about Hurricanes Rita and Katrina a couple of years ago.

Welcome to Texas!

Thu May 8 2008, 16:03

Hello Hy Park,

Not sure which property you are talking about so can't give you detailed information about it. I do know, however, that Zillow does not always have accurate information. Sometimes they estimate that value of the house higher and other lower. I recommend visitnghttp:// www.har.com. This is the official website for the Houston Association fo Realtors, it is very user friendly and has the most accurate and current information with tons of tools for consumers.

Hope this helps.

Juan Carlos

Thu May 8 2008, 15:56