# Zillow value?



## Wanderer0101 (Jul 18, 2007)

I'm looking at property where the Zillow value is about half the asking price. I would also say that many properties in the area have dropped their asking price considerably but this one has not. Does anyone have any idea of how relevant the Zillow value is? It seems pretty close on a lot of other properties.


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## WildernesFamily (Mar 11, 2006)

Close on some, *way* off the mark on others. It had our last property at over $400,000, in reality the value was less than half of that.


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## oregon woodsmok (Dec 19, 2010)

Fairly worthless.

You should be able to get a real estate agent to run comps for you. Then at least look at what the agents has listed. Sometimes they can get a good bargain and they have access to the foreclosures.

Zillow around here tends to be linked to the tax assessment, and since Oregon property taxes can't be raised (by law) without voter permission, then many places have tax values way lower than market value. You wouldn't be able to purchase them for that price even in this economy.


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## tiogacounty (Oct 27, 2005)

Not only can a realtor do a competitive market analysis for you, but they can also pull up a few months of SOLD comparable properties. When you actually have a good idea of what similar properties sold for, within the last six months or so, you have valuable data. Zillow, asking prices, tax assessment values and info that is older than six months........ all worthless. Remember to treat recent sale figures with caution. Nationally, foreclosures are selling at a 28% average discount. MLS info. clearly states if the property is, or was a foreclosure. Good luck.


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## Grizz (May 11, 2002)

is that tioga county pa?


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## Wanderer0101 (Jul 18, 2007)

Thanks to all of you. Good information.


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## Pony (Jan 6, 2003)

I would not trust Zillow. Don't know where they get their figures, but I think that their process involves a dart board, a Ouija board, and a Magic 8 Ball.


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## tiogacounty (Oct 27, 2005)

Grizz said:


> is that tioga county pa?


Yes, no and sorta'. I have family in the northern tier that dates back to the late 1800s. I'm currently in the Poconos, and had planned to move to Tioga County after the kids finally leave the nest, and the wife can collect a pension. Now that it is being chewed up by gas drilling, and the destruction it brings, I'm not as thrilled by the idea. Now we are looking toward southern VA as the next migration.


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## Grizz (May 11, 2002)

There gonna start drillin in Sw Va and Ne Tn also any place theres coal theres gas


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## Micheal (Jan 28, 2009)

Wanderer0101 said:


> I'm looking at property where the Zillow value is about half the asking price. I would also say that many properties in the area have dropped their asking price considerably but this one has not.


Could be that Zillow did drop their value on the property, but the owner wants a set price and is in "real" hurry to sell.........


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## tiogacounty (Oct 27, 2005)

Grizz said:


> There gonna start drillin in Sw Va and Ne Tn also any place theres coal theres gas


They are starting to discover a lot of marginal test wells once they stray from the heart of the Marcellus formation. For example, they pulled out of Luzerne and Schykill counties in northeast PA. after signing thousands of contracts in these areas. It isn't going away, but the DEP is stopping some of the outrageous damage and it isn't going to be one giant field, clear across the NY/PA border, like many had hoped.


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## MyFullHouse (Jan 30, 2011)

I just went in and "claimed" my property on Zillow. The zestimate wasn't off by quite as much as your example, but it was based on nothing more than our square footage, beds/baths, lot size, and 2005 purchase price. 

There was an option for me to go in and add our private balcony, mountain view, upgraded bathroom, new well pump, recently sold comparable homes, and I got to play with the cost/value tool to see what will happen when we replace our siding and do a modest kitchen remodel. Those things brought the zestimate up about 30%.

That said, I have 5 (homeschooled) kids and 4 pets in <1200sf, so my carpets are worn and stained, my walls are scuffed and fingerprinted, my dds' bedroom is in a decorating transition stage, and there is clutter EVERYWHERE, so I would never expect my zestimate to hold up if we were to list our home tomorrow. The computer bots don't take any of that into account!


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## Txrider (Jun 25, 2010)

I find zollow is pretty close on my place and my neighborhood for the most part.. But I would imagine the value will vary pretty wildly in different areas.. even local counties can't always value property realistically.


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