REAL ESTATES FORUM

> Hi All,
>
> I was really excited about Zillow when it first came out because it
> seemed to give pretty good estimates (I thought) and it should be
> updated based on the latest sales records so it should track the market
> the same way a stock ticker tracks a stock index. Now Im not so sure.
>
> This is just one example, and I plan to look at more, but I found a
> house listed in the LA area (Placentia, CA) with a low list price of
> $799,500 and a high list price of $849,500. (A range is often given
> here for reasons I dont totally understand.)
>
> Anyway, I wondered what Zillow would say, so I popped over to
> Zillow.com and its Zestimate of the house value is $904,431 with a
> range of $804,944 - $1,003,918. So, basically, it is off by $100,000.
> And the error bar is enormous. But that isnt the worst of it.
>
> Zillow shows the prices of houses in Placentia (and all of Orange
> County) shooting up in the last couple of months. But I bet that $800k
> house sits on the market for a couple of months at that price. I have
> been looking at houses lately and, to me, it appears that the prices
> have dropped some. Perhaps quite a bit. I dont know why Zillow seems
> so screwed up, but it is way, way off.
>
> Darrell
>
>

> Hi All,
>
> I was really excited about Zillow when it first came out because it
> seemed to give pretty good estimates (I thought) and it should be
> updated based on the latest sales records so it should track the market
> the same way a stock ticker tracks a stock index. Now Im not so sure.
>
> This is just one example, and I plan to look at more, but I found a
> house listed in the LA area (Placentia, CA) with a low list price of
> $799,500 and a high list price of $849,500. (A range is often given
> here for reasons I dont totally understand.)
>
> Anyway, I wondered what Zillow would say, so I popped over to
> Zillow.com and its Zestimate of the house value is $904,431 with a
> range of $804,944 - $1,003,918. So, basically, it is off by $100,000.
> And the error bar is enormous. But that isnt the worst of it.
>
> Zillow shows the prices of houses in Placentia (and all of Orange
> County) shooting up in the last couple of months. But I bet that $800k
> house sits on the market for a couple of months at that price. I have
> been looking at houses lately and, to me, it appears that the prices
> have dropped some. Perhaps quite a bit. I dont know why Zillow seems
> so screwed up, but it is way, way off.
>
> Darrell
>

> Hi All,
>
> I was really excited about Zillow when it first came out because it
> seemed to give pretty good estimates (I thought) and it should be
> updated based on the latest sales records so it should track the market
> the same way a stock ticker tracks a stock index. Now Im not so sure.
>
> This is just one example, and I plan to look at more, but I found a
> house listed in the LA area (Placentia, CA) with a low list price of
> $799,500 and a high list price of $849,500. (A range is often given
> here for reasons I dont totally understand.)
>
> Anyway, I wondered what Zillow would say, so I popped over to
> Zillow.com and its Zestimate of the house value is $904,431 with a
> range of $804,944 - $1,003,918. So, basically, it is off by $100,000.
> And the error bar is enormous. But that isnt the worst of it.
>
> Zillow shows the prices of houses in Placentia (and all of Orange
> County) shooting up in the last couple of months. But I bet that $800k
> house sits on the market for a couple of months at that price. I have
> been looking at houses lately and, to me, it appears that the prices
> have dropped some. Perhaps quite a bit. I dont know why Zillow seems
> so screwed up, but it is way, way off.
>
> Darrell

> Zillow rocks! Unless of course, the user is too stupid to understand
> its limitations.

> sim7396@hotmail.com wrote:
>
> > Zillow rocks! Unless of course, the user is too stupid to understand
> > its limitations.
> Zillow is, at best, useless. But hey, if you want to throw an extra
> $100k of your money down the drain based on Zillow estimates, go right
> ahead. A fool and his money are soon parted.
> Darrell

> Id say you are better off checking your local county tax appraisals
> for the houses that you are interested in. From that, you can decide on
> your own.
>