Zillow is nuts.

[HoneyBBQ]

When I lived in St Louis, Zillow was REALLY crazy because I lived on a historic street not far from the ghetto. So we had around a 4-500k house just 1/2 mile from 50k houses. So my zillow estimate as always around 250k which was laughable.

In Seattle, I always found it really spot on. The house I purchased sold for almost exactly the Z estimate. And when we were in the market, all the houses always seemed really close to the Zestimate. Probably cause everything in Seattle just costs bank and there are no 30k slum houses bringing prices down.

Now.... according to Zillow, my house is with 28% more than what I paid for it in 2013. Which... um... is close to 300k in 2 years! 

The it has a high and low range, which go from 17% increase on the low end to 39% on the high end.

Holy shit.

I totally want to sell now. LOL.  This must be how people in California feel.

[The Captain]

In my area Zillow tends to lag the market by about 4-6 months.  I don't use it for price estimates, but rather go by comps from recent sales.

In any event, real estate is so messed up I'm just watching for now.

[Artemis Windsong]

RE has moved into the untouchable range for most people in our town. 

[bean29]

I just recently tried to argue the city assessor down from an assessment of about $325,000 for our house. They refused to budge. Zillow says my house is worth $278,000. Neither Zillow or the assessor knows we just added an upper wood deck and a lower paver patio and stone firepit. We did have a permit for the deck, so they may raise our assessment again next year.

Zillow asks you to tell them about your house so they can come up with a more accurate value - I see no upside for me in it.  I don't need to let strangers know about my house, and it just gives the assessor info to try to raise my assessment.

MIL told me yesterday that she got a letter from her city that they were selecting 1/4 of the houses in their city to do a walk through assessment. If you refuse you have no appeal rights to the assessment.  I think her assessments on both properties are high..the one she lives in we added a bathroom upstairs and remodeled the kitchen, so they may try to squeeze more $$ out of them. That stuff was permitted too so it is really already included in their assessment.

I got a letter earlier this year about my rental in that city and I did manage to get them to lower my assessment on that property.  I had some appropriate documentation/correspondence between me and the city administrator about zoning though, he refused to bend so I tabled the discussion but when I heard from the assessor I used it to ask them to reduce the value/show appropriate comps. 

[Deleted]

Jul 31, 2015 13:08:53 GMT -5 HoneyBBQ said:

When I lived in St Louis, Zillow was REALLY crazy because I lived on a historic street not far from the ghetto. So we had around a 4-500k house just 1/2 mile from 50k houses. So my zillow estimate as always around 250k which was laughable.

Yeah, we're in a small enclave of architects' original houses built around a lake, surrounded by neighborhoods of modest ranch houses (most look like the 1950s 3-BR, 1bath type, mostly well-kept). Our Zillow estimate is about half what we paid for it.

[Bonny]

Jul 31, 2015 13:08:53 GMT -5 HoneyBBQ said:

When I lived in St Louis, Zillow was REALLY crazy because I lived on a historic street not far from the ghetto. So we had around a 4-500k house just 1/2 mile from 50k houses. So my zillow estimate as always around 250k which was laughable.

In Seattle, I always found it really spot on. The house I purchased sold for almost exactly the Z estimate. And when we were in the market, all the houses always seemed really close to the Zestimate. Probably cause everything in Seattle just costs bank and there are no 30k slum houses bringing prices down.

Now.... according to Zillow, my house is with 28% more than what I paid for it in 2013. Which... um... is close to 300k in 2 years! 

The it has a high and low range, which go from 17% increase on the low end to 39% on the high end.

Holy shit.

I totally want to sell now. LOL.  This must be how people in California feel.

You made me look!

Zillow is estimating my house at $1,230,000. That is almost $500k more than the estimate of $750k when we moved back home in 7/2012.

Welcome to my world!

But to keep things in perspective, the Z estimate for the San Diego condo is $1,006,000. It's probably worth about $650k!

[HoneyBBQ]

I don't doubt zillow is at least close in my case. Everything I read talks about RE going up by 10% per year or more in this area.

I can only see it increasing with the influx of people and companies. Even Expedia is moving from the burbs to downtown Seattle.... and the $15 wage increase will bump up the cost of living even more.  

My usual MO was to always buy the crappiest house on the nicest street.

In Seattle I ended up buying the nicest house on the street. Hopefully it will pay off (someday...?)

[GRG a/k/a goldenrulegirl]

Mine is up $80,000 from our purchase price 5 years ago -- a 15.5% increase.

And our assessment went up $60,000 thanks to all of the rebuilding over the past year -- a 13% increase.  

Yeah, we updated a lot of stuff to code and tweaked the interior a bit, but not $60,000-$80,000 worth.  

DH will have a fit when he looks at the next tax bill.  

On the upside, we have *toyed* with the idea of selling and moving someplace cheaper once YDS graduates next June.  

[Mardi Gras Audrey]

Our zillow value is $50k over what we paid in Feb (Closed in March.. on contract beginning of feb).   

I think this is pretty accurate.. had some recent sales on our street that were for smaller homes w/ less amenities that were above our purchase price.  

Wowsers!

Question for posters familiar with CA property taxes, how do they do the assessment under Prop 13?  We just got our "valuation" from the Assessor with the "value as of 1/1/15".  It has the value as $25k ABOVE our March purchase price.  I thought valuation was based on purchase price?

It says I can protest but I have to pay a non-refundable fee to protest ( That irritates me... why should I have to pay a fee to make the govt prove their case?  Isn't that like being guilty until proven innocent?  Should the burden be on the county to prove why my value is what it is?).  

I want to make sure I am understanding how we are valued before I pay me non-refundable fee.


 

[Bonny]

Jul 31, 2015 15:00:21 GMT -5 Mardi Gras Audrey said:

Our zillow value is $50k over what we paid in Feb (Closed in March.. on contract beginning of feb).   

I think this is pretty accurate.. had some recent sales on our street that were for smaller homes w/ less amenities that were above our purchase price.  

Wowsers!

Question for posters familiar with CA property taxes, how do they do the assessment under Prop 13?  We just got our "valuation" from the Assessor with the "value as of 1/1/15".  It has the value as $25k ABOVE our March purchase price.  I thought valuation was based on purchase price?

It says I can protest but I have to pay a non-refundable fee to protest ( That irritates me... why should I have to pay a fee to make the govt prove their case?  Isn't that like being guilty until proven innocent?  Should the burden be on the county to prove why my value is what it is?).  

I want to make sure I am understanding how we are valued before I pay me non-refundable fee.


 

That's odd. Check the address under Zillow and see what the tax rate was for the prior owner. The only thing I  can think of is that the prior owner paid close to what you paid for the house and the 2% increase exceeded FMV...or someone screwed up .

I'd call, or better yet go down to, the assessor's office and bring the assessment letter along with your settlement sheet. Someone should fix this vs going a formal protest route.

[The Captain]

Ok, you guys got me.

Zillow lists our house at $40K more than we paid for it a year ago.  It lists another house that recently sold (and one I know very well) at over $60K more than the purchase price.

Hey, if both are true then goodie for me, cause our house is now much nicer than the +$60K one.

NOW was curious to find out a house two homes over is in pre-foreclosure.  Wonder if there's an opportunity there...

[Mardi Gras Audrey]

Jul 31, 2015 16:28:24 GMT -5 @sroo4 said:

According to zillow the right side of my neighbors house is worth $205 and the left side is worth $225.. now this is for a single family home so I'm not sure how they came up with that... 

Maybe one side of the house has the bathrooms and the other side doesn't?  I would pay more in order to get a side of the house that had a bathroom... 

[Mardi Gras Audrey]

Bonny, 

Thank for the info.  I was thinking that was what happened (The former owner paid ~$12k less than we did 6 years ago for the house.  I was thinking this may have been an assessment based on his price and the increases over the years).  

I will have to make a trip down there next week... I have to go to the DMV anyway so it will be a day of fun with the government!

[Bonny]

Jul 31, 2015 15:42:32 GMT -5 The Captain said:

Ok, you guys got me.

Zillow lists our house at $40K more than we paid for it a year ago.  It lists another house that recently sold (and one I know very well) at over $60K more than the purchase price.

Hey, if both are true then goodie for me, cause our house is now much nicer than the +$60K one.

NOW was curious to find out a house two homes over is in pre-foreclosure.  Wonder if there's an opportunity there...

Double check the date of the foreclosure. One of my neighbor's houses was saying it was in pre-foreclosure for two years. I know, I know they could be trainwrecks like my brother but I suspect that it might have been a refi that went sideways for a while. Easy to file the notice of default but slow to record the satisfaction of mortgage. 

On a former house of ours it took months for the title company to file a satisfaction of mortgage for a seller carry back. Not a priority for them. I was NOT a happy camper.

[xandrose]

I have a condo and Zillow has two different listings for my home: one including the unit number in the address and one without. The difference between the two is $40K. It's laughable how messed up it is.

[tallguy]

Now.... according to Zillow, my house is with 28% more than what I paid for it in 2013. Which... um... is close to 300k in 2 years!

Tell me about it.  They have mine up around $400,000 in four years! 

[MarleyKeezy78]

It says we are up $82,000, (we bought in 2010) woooohooo!!!   Wouldn't that be nice. It even still shows the house as it was when we bought it and not how it is now, we will be rich!!! 

[TheHaitian]

I think Zillow is in the ballpark for us, our area makes it easy (suburbia).

We bought for 300k and spent another ~25k on upgrades.

The town assessor has it valued at $289,700 while Zillow have it as $334,000

Similar house down the street just sold for $359,900 (their basement was finished while ours is not).

[buster]

I live in a reasonably hot market with many comparable comps, so Zillow is pretty close to the actual value of the house, but it's probably lagging by 3-6 months.

I've been happy with the market, up 150 - 170k in just over 2 years and the market is still going strong. If only I bought 2 years prior....would be up another 100ish...oh well.

[daisy]

I live in an old farmhouse (3-4/2) with an extra apartment/annex building, a chicken barn (storage),  a massive pole barn, a pond, ~15 acres with a one acre garden, 10 acre fenced pasture, no neighbors for ~500 yards in either direction, a lake across the street...etc And Zillow says our house is worth what our mortgage is...which is under $130,000.  Comps (granted, few and far between although 2 local properties sold in July) sell for $250-300k.  I used to look for kicks just to check it out, now I don't bother because it's just so unreal.  When we finish the remodel we plan to have it appraised and I'm sure it will be around $250-275 mark.  Maybe after we sell it Zillow will be more accurate. 

[Value Buy]

Zillow, has us in the ballpark money wise, although the square footage was light by 400 ft. on our main residence.

The valuation of our winter home we just bought was up $25,000 from our purchase price this spring, so I think they are over on that one. Sales price and taxes were correct.

[teen persuasion]

I had to check our place.  Zillow says it was last sold 2003, for $60k.  We bought it 1995, for more than that. . The tax records are correct, but sales records clearly are not.  I want to know who bought it while we are here!

[steph08]

We live in the middle of nowhere so zillow isn't really accurate for us.

We paid 160k 1.5 years ago and now zillow says it is worth 119k. Haha. Better than the 92k it said a few months ago!

I would put us the same as we paid, but once we finish the kitchen, I would guess we could get 175-180k.

[TheHaitian]

The house 1 block down from us finally closed; we have been waiting on it.

Same size home (ours is newer) 1.5 bath vs our 2, 1 extra car garage and it sold for 360k.

Zillow has their zestimate at 332 while our zestimate is 334k....

I wonder if I should get an appraisal and see if I do have enough equity to refinance to a traditional?

[motherto2]

I just looked mine up. Says it's worth $290,373. I have absolutely no idea if that is accurate. I did notice that I have the highest valued house in the neighborhood .  I'm selling in just about 2 1/2 years to prepare for retirement and relocating to another state.  If it at least stays steady I should have plenty to pay cash for my new home and a little more in the bank.  Hopefully it keeps going up in these next few years!

I also checked the house my daughter just bought.  Said it was sold in June for $140,000 when she actually paid $144,000.  With all the problems she had with the mortgage company, part of me wonders if they sent the wrong information to the county.  Long story, she was originally going to pay $140,000 but due to a screw up on the mortgage company's side, they upped the price and she paid a couple thousand extra at closing to pay off her car.  They had overqualified her for a mortgage, not once, but twice, and the only way to fix it to make it through underwriting was to pay the car off, and then she could qualify for the mortgage.  Not sure if I want to open a can of worms, since it's only worth what someone is willing to pay if she was selling it, and she won't be selling anytime soon.  I think it's best to leave well enough alone!  And I did notice that her price was a little higher than the houses around her, but her house was a little bigger, has a second bath, a garage and a double lot, so I think it was priced correctly.  There is a house across from her that's being flipped.  Tiny tiny house, so I'm curious to see what they get for it.  I think it's between 700-800 sq ft.

[TheHaitian]

Aug 21, 2015 22:33:44 GMT -5 Sum Dum Gai said:

Puts us up 73% since purchase 5 years ago. Not too shabby.

Nice!!!

Now I really want to get an appraisal to get ride of PMI... Or wait till next year?

[iono1]

Right now Zillow's value is spot on in my house in suburbia.   The one thing they do in my neighborhood is they have all these erroneous sales listed.  They have bogus sale dates & sale prices on my house & my neighbors' homes & none of them have sold on the dates or for the prices they show.   Don't trust them on their sales.               

[HoneyBBQ]

Really? That's so weird. Mine has the exact month and year we purchased listed (and it's correct).

[TheHaitian]

Aug 28, 2015 12:32:35 GMT -5 HoneyBBQ said:

Really? That's so weird. Mine has the exact month and year we purchased listed (and it's correct).

Same here and same for my neighbors too...

[iono1]

It's the houses that haven't sold recently that they will sometimes list a sale that doesn't exist. If you bought your house recently, they have the correct data, that includes homes in my neighborhood, but they have my house & my neighbors all being bought in 2005.  None of us bought that recently.  Of the 4 homes in a row that they have bad sales on, my sale is the newest sale & it was in 2003.  One of the homes was last purchased about 40 years ago and they say it sold in 2005.