Home Buying in 77477>Question Details

Michelle Joh…, Home Buyer in Houston, TX

I'm looking at a home on Zillow for sale for $299k and according to Zillow the other homes in the area ranges from $81k and up but not that high.

Asked by Michelle Johnson, Houston, TX Fri May 18, 2012

Most are around the 125k price with about 5 being around $183k. Why is that particular house so high in price? The Zestimate price on Zillow is $187k.

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Answers

3
Sometimes a Zestimate is accurate. Sometimes not.

Basically a Zestimate is useless.



Tom Burris
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0 votes Thank Flag Link Sat May 19, 2012
I'm not sure why you'd look at Zillow for estimated values. It may be entertaining, but it's not accurate. Kind of like the "Magic 8 Ball" you might have seen as a kid.

The primary item that determines value is what comparable properties sold for. Zillow is weak on that from the beginning, in that its computer algorithms aren't very good at identifying comps. The second problem, as Don Groff points out, is that Texas is a non-disclosure state. So if Zillow isn't accurate to begin with, then you put it in a state where it really CAN'T find comps, you're only wasting time with it.

Then, on top of all that, asking prices are just that--asking prices. Even if Zillow is 100% accurate even in a non-disclosure state, that doesn't mean that the asking price is on target.

Find a local Realtor who can determine what the property is worth. If it's worth more than other nearby properties, your Realtor will be able to explain why.

Hope that helps.
0 votes Thank Flag Link Fri May 18, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Hi Michelle,

Zestimates are not very valuable here in Texas. We are a non-disclosure state so it is not required for a home buyer to disclose what they actually paid for a home unless it benefits them for tax purposes.

You would really want to have your Realtor pull comparalbe homes from their MLS as that will give you a true idea of the value. Homes can vary in price for many reasons. Possibly the data you are getting is incomplete or maybe the home is over improved. It's really impossible to say without digging in deep and looking at all of the information available.

Best of luck to you.

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Don Groff
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0 votes Thank Flag Link Fri May 18, 2012
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