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Zillow Zestimate
Where do they come up with this number, and is it an accurate idea of what the house will appraise for??
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Posted 4/28/11 9:50 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: Zillow Zestimate
No Zillow is the least accurate. I have no clue where they get those numbers from.
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| Posted 4/28/11 10:21 PM |
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Goobster
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Member since 5/07 27557 total posts
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Re: Zillow Zestimate
wayyyy off...had my old house 100,000 below what it sold for, as I predicted
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| Posted 4/28/11 11:47 PM |
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Re: Zillow Zestimate
Posted by Goobster
wayyyy off...had my old house 100,000 below what it sold for, as I predicted
Did it appraise for a alot more too??
The reason I ask is that we are looking at houses and got pre approved for FHA mortgage, which will give us 96.5 % of what the house appraises for...so if the house doesn't appraise high enough, we might have to come up with extra money to put down...
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| Posted 4/29/11 1:44 PM |
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InShock2011
LIF Adolescent
Member since 4/11 722 total posts
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Re: Zillow Zestimate
Posted by CookieMomster
No Zillow is the least accurate. I have no clue where they get those numbers from.
same. they had our house way below what we paid. as soon as we bought the house they adjusted it
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| Posted 4/29/11 2:05 PM |
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Re: Zillow Zestimate
Working with a good buyer's agent is the best way to get comps relevant to the houses you are looking at, so that you know you are not overpaying and also have confidence that there won't be a problem with an appraisal. Banks are taking appraisals a lot more seriously now, so there's no assumption that a house will appraise. Also, appraisers ARE taking into account distressed properties (short sales and REOs).
Accurate comps must be recent (ideally, within last 3 or 4 months, but always within 6 months), for the same town and school district, and same style of house. The closer/tighter the comps are to the subject house, the better!
Why try to figure it out yourself or use possibly inaccurate info when a realtor can do the work for you?
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| Posted 4/29/11 4:47 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Zillow Zestimate
Posted by MrsECullen7319
Posted by Goobster
wayyyy off...had my old house 100,000 below what it sold for, as I predicted
Did it appraise for a alot more too??
The reason I ask is that we are looking at houses and got pre approved for FHA mortgage, which will give us 96.5 % of what the house appraises for...so if the house doesn't appraise high enough, we might have to come up with extra money to put down...
Yes appraised over 100,000 above what Zillow had us estimated at.
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| Posted 4/29/11 5:35 PM |
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Re: Zillow Zestimate
Posted by Century 21 Dallow - Christine Braun
Working with a good buyer's agent is the best way to get comps relevant to the houses you are looking at, so that you know you are not overpaying and also have confidence that there won't be a problem with an appraisal. Banks are taking appraisals a lot more seriously now, so there's no assumption that a house will appraise. Also, appraisers ARE taking into account distressed properties (short sales and REOs).
Accurate comps must be recent (ideally, within last 3 or 4 months, but always within 6 months), for the same town and school district, and same style of house. The closer/tighter the comps are to the subject house, the better!
Why try to figure it out yourself or use possibly inaccurate info when a realtor can do the work for you?
Thank you! We have a realtor...we officially start looking this week, I've just been looking online to get a feel for whats out there!
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| Posted 4/29/11 10:26 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
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Re: Zillow Zestimate
zillow is useful if you look at recent sales but not if you look at posted values.
Edited to add:
You can review Zillow's methodology here.
Message edited 4/29/2011 10:43:55 PM.
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| Posted 4/29/11 10:39 PM |
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Re: Zillow Zestimate
The reason I ask is that we are looking at houses and got pre approved for FHA mortgage, which will give us 96.5 % of what the house appraises for...so if the house doesn't appraise high enough, we might have to come up with extra money to put down...
Also, just wanted to add that regardless of what type of loan you get and how much you are putting down, the bank won't give the loan unless the house appraises.
If the appraisal doesn't come in, the sellers are usually going to have the same issue with other buyers (unless they are all cash buyers). Also, many buyers today get FHA loans, and under the FHA rules, if the house has been appraised recently (I think it's within the past 6 months, but not sure of time limitation) for another buyer whose deal fell through, the next buyer (if they are also getting an FHA loan) is stuck with that first appraisal (another one won't be done). The seller won't get a do-over.
So my point is - if the appraisal doesn't come in at the agreed upon price, don't assume it's all on you, as the buyer, to deal with that. Negotiations will ensue, and often the seller has to give on the price.
Good luck with your search!
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| Posted 4/30/11 3:58 PM |
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