Estimate Value of House?

[KillyKillall]

What site do you guys use to get a general overview estimate of house worth?

I'm thinking of those sites where you enter square footage, zip code, address, BR, Bth, etc.. and it spits out what it should sell for around.

Is there a certain site that is better than others?

 

[krunchykrome]

www.zillow.com

 

[KillyKillall]

Originally posted by: krunchykrome
www.zillow.com

Thanks, that was the one I was searching for.

 

[GasX]

go to realtor.com and see what similar properties are listing for near you.

 

[Queasy]

Wow...that Zillow site is showing properties much cheaper than what they are actually going for in my neighborhood. A house up the street sold for almost $40 more than shown on the site. When we had someone come out and do a home inspection from the mortgage company for our house that they bought, they had it $50k higher than what is on this site.

I would agree with Mwilding....go to actual real estate sites like realtor.com and see what homes are going for.

 

[Thraxen]

No data for my area.

 

[GasX]

Originally posted by: krunchykrome
www.zillow.com

according to that site, my house is worth 1/5 of what I paid for it and prices have risen significantly since I bought it...

 

[krunchykrome]

Originally posted by: Queasy
Wow...that Zillow site is showing properties much cheaper than what they are actually going for in my neighborhood. A house up the street sold for almost $40 more than shown on the site. When we had someone come out and do a home inspection from the mortgage company for our house that they bought, they had it $50k higher than what is on this site.

I would agree with Mwilding....go to actual real estate sites like realtor.com and see what homes are going for.

Yea, I think zillow is a bit on the conservative side.

 

[Queasy]

It looks like Zillow is basing its prices on what local/county governments value the home at for tax purposes. This is almost always less than the actual market value.

 

[wyvrn]

Originally posted by: Queasy
Wow...that Zillow site is showing properties much cheaper than what they are actually going for in my neighborhood. A house up the street sold for almost $40 more than shown on the site. When we had someone come out and do a home inspection from the mortgage company for our house that they bought, they had it $50k higher than what is on this site.

I would agree with Mwilding....go to actual real estate sites like realtor.com and see what homes are going for.

They rely in some states on tax values, because those states are non-disclosure regarding property values. Tax valuations typically lag market valuations, and cannot be the decision for setting purchase price.

edit: oops didn't see the last post until refresh

edit2: The value of a realtor is being slowly diminished in today's market, but they still are the kings of data. With the MLS, they can nail down exactly what your house is worth, wheras the consumer doesn't yet have access to all of that information in once place.

 

[MiniDoom]

Zillows estimate is pretty much just right for my neighborhood.

 

[Maximus96]

zillow is very inaccurate in my area. my realtor warned me against setting our asking price as what zillow recommended.

 

[wyvrn]

Originally posted by: Maximus96
zillow is very inaccurate in my area. my realtor warned me against setting our asking price as what zillow recommended.

The last 2 posts show the swing of accuracy you will get with Zillow. If all states disclosed sales data, then it would be more accurate. Unfortunately realtors are the only ones with this info consistently, so you gotta fork over the 6% when you buy/sell. And of course your realtor doesn't want zillow to succeed.