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Zillow.com is a great site to check home value (not necessarily meaning
home price). It isn't an accurate science, but it is a good estimate.
It is an excellent starting point. And it is especially valuable for
home buyers. For home owners/sellers, their feeling may be mixed. Some
were pleasantly surprised by the higher estimated home value; others
were disturbed. It is easy to guess who the disturbed ones are: their
home Zestimate numbers were lower than anticipated or what they wished
for. But why would their anticipated numbers (even though it may come
from home appraisal) have to be correct while the Zestimate numbers
wrong? Why not the other way around, that their home is overpriced, and
the appraisal is a bubble price, and the Zillow's numbers are actually
more reasonable? Zillow may not include lake view, your home=B4s well
maintained or special feature, but how much value is it really going to
add to the total?
Again, Zillow's Zestimate number may not be accurate, but it is a great
estimate.
The following home for sale is pulled from Yahoo Real Estate section,
as an example;
(
http://idx.pruchamberlainstiehl.com/details.aspx?firstrecord=3D8&VIP=3DYaho=
o!+IDX&cc=3Drealestate&fclose=3Dn&newhome=3Dn&za=3Dand&fullnodeid=3D7500070=
14&searchgeo=3DLivonia%2c+MI&searchtype=3D2&propertytype=3D1&sort=3D5&sorta=
cdc=3Ddesc&searchminprice=3D150000&searchmaxprice=3D200000
)
The owner or real estate agent asks for $199,900. But the Zillow=B4s
estimate (
http://www.zillow.com/HomeDetails.z?city=3DLIVONIA%20&state=3DMI&zprop=3D62=
155855
) it only worth $100,922.
Great. Let's work together to kill the housing bubble! It benefits no
one. Home ownership is one of the great American dreams, but only when
you actually own the home do you realize the dream, not when you have
zero or even negative equity, or low equity. You are actually burning
the cash.
No trend lasts for ever. Event's historical significance are only
evident in retrospect.
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Zillow great estimate home value
