Home Buying in Fort Worth>Question Details

Concern2001, Home Buyer in Fort Worth, TX

how reliable is www.zillow.com on find comparbles for home? Do you have any other recommendation on websites?

Asked by Concern2001, Fort Worth, TX Mon Jun 27, 2011

If you resell a house is it base on the same type of home in that community (meaning 4 bed to 4bed room)?

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14
Not very reliable. The Zestimate is an industry joke. A professional that knows the area, that can evaluate the homes for upgrades and downgrades, that has access to recent sales of true comparable and combine all of these factors to come to a value conclusion.

Zillow only uses one of these tools and in my experience their values are off 30 to 40%
1 vote Thank Flag Link Tue Jun 28, 2011
None of these sites have any value ONLY website use is your Realtor via MLS

NOTE: MLS is only website used by Realtors and appraisers.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Jul 4, 2011
Zillow Zestimates are all over the board. Especially in Texas as we are a non-disclosure state. If you are buying or selling a home the only way to get accurate and up to date information on sales data is from a Realtor with MLS access. Without that information you are truly just shooting in the dark.

Don Groff
REALTOR | Mortgage Broker | Consultant
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Wed Jun 29, 2011
Zillow is good for determining asking prices for homes that are currently for sale. Texas is a non-disclosure state, so the only source for sold info is the local MLS.
0 votes Thank Flag Link Tue Jun 28, 2011
I have heard they are possibly 65% inaccurate. Texas does not record the sales price so the best way is to call a Realtor who can provide accurate data or an appraiser.
0 votes Thank Flag Link Tue Jun 28, 2011
Look at their margin of error.....I think in Texas it is something like 50% ...which is about like throwing darts. It's a fun site....entertainment, but I find them as often far off and really far off a good number as you find them on.

The best idea is speak with a realtor who can take a look at the condition of your home and advised you on actual sales and listings in the area.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue Jun 28, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
You have had some great advice, but I see most all Realtors will agree that Zillow , among others, does not have reliable information. I have had several clients in the past tell me about homes that sold in their neigbhorboods per some of these websites that turned out to not even be sales at all. If you want a true value of your home than call an experienced Realtor. You can also contact a Residential Appraiser, but typically for a fee.

Thanks,

Mindy Lowry, RE/MAX Heritage
682-559-1246 cell
0 votes Thank Flag Link Tue Jun 28, 2011
As you have read in the other answers Zillow and other online valuation models are not reliable and should not be trusted. Here's why. These companies are pulling statistical data only and in many case incomplete or old data. No one from Zillow (or the other online sources) have ever driven down that street, looked at the condition of the neighborhood and surrounding properties or ever walked through any of the properties they are suggesting as comparables, much less the property you are considering. The statistical data does not show (for example sake only) that the home you are considering has been updated to the max, and that the surrounding homes are also well cared for, possibly updated as well and all with immaculate curb appeal. The data may be devaluing the subject property because it is pulling recent foreclosure or short sales or it may be pulling data from another subdivision of lesser quality homes. The reverse could also be possible in that it may being pulling data that over value the property. The best way for you to determine how to set your price when selling or how much to pay when buying is to rely on your Realtor. A boots on the ground professional who can point out to you the strengths and weaknesses of a home, show you the condition of competing homes and provide you with accurate and recent data applicable to the home and neighborhood. I hope this info was helpful and Good Luck!!
0 votes Thank Flag Link Tue Jun 28, 2011
Your best source for comparables is your Realtor and the multiple listing service. Your Realtor can do a comparative market analysis for you which will give you the best picture of a home's value.
If you do not have a Realtor I will be glad to do this for you.
Dave@DaveBuske.com
Web Reference: http://DaveBuske.com
0 votes Thank Flag Link Tue Jun 28, 2011
Don't trust Zillow or Trulia for accurate comps. The use sales as old as 5 years for 'recent sales' and they know nothing about improvements or remodeling that may have been done. Contact a local agent, that's what we're here for!
0 votes Thank Flag Link Tue Jun 28, 2011
We find Zillow to be even more inaccurate here in New Jersey because we don't report all the data to our tax assessor that Zillow uses to come up with its Zestimate. I live on the shores of New Jersey's largest lake and Zillow drives lake front owners crazy because it does not account for the price increase attributed to owning lake front homes.

The absolutely best place to find comparable homes is through a Realtor. Many will happily provide you with a complimentary market analysis for your home. Take advantage of the offer, it is the most reliable opinion you will get.
0 votes Thank Flag Link Tue Jun 28, 2011
Hello Concern 2001! To answer your question, Zillow gives you an over all estimate of a radius surrounding your subject property. The problem with an estimate like that is that is does not always compare apples to apples; and when selling a home it is really important to compare apples to apples and not everything else in the fruit basket:>)
0 votes Thank Flag Link Tue Jun 28, 2011
I can share more info with you via email, difficult on this site as I can't send you attached examples while using iPhone

Sloan@brants.com
0 votes Thank Flag Link Mon Jun 27, 2011
Unfortunately zillow is nit always accurate for
0 votes Thank Flag Link Mon Jun 27, 2011
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