Home Buying in Berlin>Question Details

J, Other/Just Looking in Philadelphia, PA

Zillow shows most homes in Ocean Pines as listed at $100K more than they are worth. Is that realistic?

Asked by J, Philadelphia, PA Fri Dec 17, 2010

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Hi J,

Zillow can be used as a general guide in neighborhoods where properties are all pretty much the same. What it can't do is accout for upgraded interior finishes, superior lot locations (like water front), home sizes (the s.f. counts are often not accurate and it often overlooks basements...an expensive "upgrade"). It also can't account for oddities in the market like distressed sales. A sale is a sale is a sale in Zillow. If you are looking for accurate home values contact a trusted Realtor in your area and have them prepare a CMA. An agent that is familiar with the area will be able to adjust for the nuances of the market and give you a good value range. Best of luck to you!
0 votes Thank Flag Link Fri Dec 17, 2010
Here is my take on Zillow Zestimates ...

Zestimates: Zany, Zesty Z-Evaluations With Zero Z-Value
http://bit.ly/a5vBuc
1 vote Thank Flag Link Fri Dec 17, 2010
Zillow is based on computerized projections. If you want to know the value, you should contact a Realtor in the area who can give you the proper information. If you are interested in homes in the Ocean City, Ocean Pines area, contact me. I will be happy to serve you.
0 votes Thank Flag Link Mon Mar 19, 2012
Nice post Carl.
I see I'm going to have to write a snappy blog post on that subject too, as often as that questions gets asked. ;)

+1 from me.
0 votes Thank Flag Link Fri Dec 17, 2010
J,

Zillow is a tool. It's information is often confused for fact. It is not. It is one computer's projections based on some data, tax assessed value, and other homes that are on the market.

As stated in Felix's response, your best bet is to get in touch with a local Realtor, and have them put together a price analysis of any community, to give you an idea of what the values of any property actually are.

Hope that helps.
0 votes Thank Flag Link Fri Dec 17, 2010
Unfortunately J,

Anyone with a computer and internet connection can be a Zillow contributor. If you're really looking for the true value, a REALTOR in your area is best. I tell friends and family not to look at Zillow at all. It confuses people - especially the homes listed "for sale." I'm sure some PA REALTORS will add more insight.

Felix
0 votes Thank Flag Link Fri Dec 17, 2010
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