Zillow, Eppraisals, etc- How accurate are they?

We're looking at a house for sale now and its in the mid 4s but zillow, eppraisal and my nassau property all put it between high to low 3s. I think the house is nice, definitely in the 4 range compared to others I've seen, but not I'm a little concerned that 1. its not going to be appraised as high as the seller's asking price (and I def would not want to pay extra up front) and 2. if we do purchase it for the higher amount, our taxes will go up drastically.

Can anyone clarify some of these things? Idk if I'm being paranoid or if my fears are justified.

Re: Zillow, Eppraisals, etc- How accurate are they?

In my experience and based on what our realtor told us, zillow is not accurate at all.

Re: Zillow, Eppraisals, etc- How accurate are they?

not accurate at all

real estate professionals do not use those sites for comps

we only use MLSLI

purchase price has nothing to do with taxes

are you working with an agent? This is what a good buyers agent does for you

Re: Zillow, Eppraisals, etc- How accurate are they?

My uncle is our agent but in fairness, we haven't really sat down with him yet. We're waiting until we sit down with a broker next month to see what we qualify for so we can seriously start looking. Right now we're just doing an open house circuit to get our feet wet so basically I'm trying to educate myself as best as possible but I'm definitely still very ignorant to how this whole process actually works.

Thanks for the input though.

Beth- when you say they use MLSLI for comps. Is it based on sales in the area or just whats FOR sale?

Re: Zillow, Eppraisals, etc- How accurate are they?

in my professional opinion (as an appraiser), those sites are not at all accurate.

comps should be recently closed SALES.

Re: Zillow, Eppraisals, etc- How accurate are they?

Re: Zillow, Eppraisals, etc- How accurate are they?

awesome! Thank you so much for the info!