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petie6464

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Looking at some properties in LHC, a few say the value has gone up $20ish thousand in the last 30 days, and one up $87,000 in the last 30 days with no improvements done to the property.

Been buying selling here a long time and as always value is what one will sell for and ultimately what one will pay.

So what are some takes on Zillow and the numbers they present?
 

Tank

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I was just looking at havasu on zillow and I like how if you scroll down you can see what the house closed for before. I was just looking at a 3 + 2 no pool, no RV garage but good street, big lot, I think it was mid 3's. I scroll down. It sold last in 2019 and the asking price is just over 100k more than it closed for in 2019. Not a bad return. :oops: :oops:
 

RiverDave

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I was just looking at havasu on zillow and I like how if you scroll down you can see what the house closed for before. I was just looking at a 3 + 2 no pool, no RV garage but good street, big lot, I think it was mid 3's. I scroll down. It sold last in 2019 and the asking price is just over 100k more than it closed for in 2019. Not a bad return. :oops: :oops:
I bought a lot in residential estates.. had it for three months and sold it for 50k more than I paid.. and I coulda got another 10 if we held out. 😳.
If I could rewind my life three years I woulda bought all those 40’ish thousand dollar lots in town.. lol
 

Tank

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I bought a lot in residential estates.. had it for three months and sold it for 50k more than I paid.. and I coulda got another 10 if we held out. 😳.
If I could rewind my life three years I woulda bought all those 40’ish thousand dollar lots in town.. lol
So true. Never in a million years would I have thought the market out there would be screaming this hard. With no stop in site. You guys are about set to buy up on the hill if you sold your pad! Your house is like the #1 desired set up - corner lot, RV, pool, on a quiet street. PERFECT!
 

FlyByWire

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So true. Never in a million years would I have thought the market out there would be screaming this hard. With no stop in site. You guys are about set to buy up on the hill if you sold your pad! Your house is like the #1 desired set up - corner lot, RV, pool, on a quiet street. PERFECT!
This is exactly what we are doing. No way we would have been able to build up there when we actually bought the lot... but a lot has changed in the last 18 months!
 

Maw

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This thread made me get onto Zillow and look up a couple of my lots. One I bought for $29k a few years back is showing up at $250k now. 10,000 sq ft and a real lake view but only works with a tuckunder build. Insane.
 

PlanB

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The house next to us was built in 1990 and needs to be completely remodeled. The buyer actually said they need to gut it. They bought it sight unseen from out of state for $409K because of the lack of inventory. It's on a small lot, no RV garage and about 1500 Square Feet with a pool, but the pool needs to completely redone as well. Crazy prices!
 

jetboatperformance

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Zillows Bull shit IMO , has my immaculate 1600 sf stucco and free standing garage on 3 flat acres valued the same as next door neighbors 1000 sq ft one bath 1930's house (same size parcel ) nicest neighborhood in the city
 

X Hoser

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From what I understand Zillow is in the business of BUYING properties, thus their “estimate of value” is most always low. This is what I have been told, correct me if untrue.
 

boatdoc55

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Just talked with my agent up in Oregon and he told me Zillow is competing heavily in the flip market right now. We're thinking of selling a rental we've had for almost 30 years up there. He gave me a comparison report and was just shy of what Zillow said. Never really thought of selling but with the market right now we think it makes sense.
 
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HB2Havasu

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Looking at some properties in LHC, a few say the value has gone up $20ish thousand in the last 30 days, and one up $87,000 in the last 30 days with no improvements done to the property.

Been buying selling here a long time and as always value is what one will sell for and ultimately what one will pay.

So what are some takes on Zillow and the numbers they present?
Add 5%~10% on top of what Zillow says. I would not trust Zillow appraisals in Havasu. There is too many variables to access a property their via an algorithm. Call a realtor and get the comps!!
 
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Uncle Dave

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Zillow bounces over and under based on the neighborhood, but right now it's lower for my places.
 
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2FORCEFULL

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here's what I found to be true.... list your house for 500 , and zillow will say 450.... go up to 550 and zillow move up to 495.... they have no idea what you have or what it's worth... they just take 10% from your listing....
 

stephenkatsea

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I bought a lot in residential estates.. had it for three months and sold it for 50k more than I paid.. and I coulda got another 10 if we held out. 😳.
If I could rewind my life three years I woulda bought all those 40’ish thousand dollar lots in town.. lol
Is your new build in residential estates still lined up, or was that the lot you sold? Was it on the coarse? Was really looking forward to watching your build progress.
 

JUSTWANNARACE

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Zillow is now a real estate investment company. So they no list low and offer to buy if you put it on the market, for their listed value! They are no longer a "go to" for actual #s.
 

pronstar

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Zillow numbers are garbage, ask a realtor for real comps and values.

But Zillow is now a licensed broker in every realtor association nationwide, so they can pull actual MLS data.

“As a Broker, they will join as an MLS Participant and be entitled to receive the same data feed as any other MLS Participant” including back office feeds.

They also bought ShowingTime recently.

They’re changing the game in an industry that been ripe for disruption for quite some time.


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Mcob25rg

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So, in Ohio, BUT, I buy a complete disaster house, with a 32’x48’ 2 story building on site that can’t be replicated because of modern zoning - put more than I paid for the whole thing into Reno, most of which county doesn’t know because I didn’t change original exterior footprint. On a double lot, with old little places all around. Zillow doesn’t know ANY of this, but for anyone that cherishes the out building, great setup. Zillow is neighborhood average at best - you gotta go look to really understand any realestate
 

PlumLoco

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We own a house in Redlands and a house in Corona. Zillow is $50K different than Realtor. com on one property and $20K on the other, but Zillow has the Redlands property worth more than the Corona house while Realtor says the Corona house is the more expensive one.
 

River918

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From what I understand Zillow is in the business of BUYING properties, thus their “estimate of value” is most always low. This is what I have been told, correct me if untrue.
That is true. When Zillow began buying houses several years ago, the value of our property dropped substantially on their site almost overnight. I find Redfin to be a little more accurate, but a little high. I've noticed most of the sales in my area in so-cal are going for somewhere around the average between the Zillow estimate and the one on Redfin. That being said, some properties are going for above the Redfin price because of the market we are in.
 

LargeOrangeFont

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I bought a lot in residential estates.. had it for three months and sold it for 50k more than I paid.. and I coulda got another 10 if we held out. 😳.
If I could rewind my life three years I woulda bought all those 40’ish thousand dollar lots in town.. lol
Fuck that.. if we are going back let’s do it right. I want back to 2011. I would have spent every dollar I had and bought half the lots in town and every storage condo. I’d be set for life right now.
 
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LargeOrangeFont

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The funny thing is you always hear people say "this is crazy" right before it's not.;)
People have been saying “this is crazy” since 2014, you included. And we haven’t leveled off yet.
 
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petie6464

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Pretty much what I said; whatever someone is willing to sell for and ultimately what someone is willing to pay.

I have a house on the south side built in 2001, spec house,
3 x 2 tile roof 3 car garage with a 1,400sf. 40' boat bay, pretty much what was the norm at that time. Paid $102 cash. Zillow says $378 on the high side, have someone wants it for $425 I told them to try again, Let's see what happens

House needs a complete redo inside.
 

GRADS

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“Man I really regret buying that property 15 years ago!” said no one ever, except the people that lived in Chernobyl.
I agree, if everyone buying today plans on staying in the house for 15 years they're golden. 👍
 

ArizonaKevin

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I used to just average out zillow, realtor.com, redfin, and trulia and think that would get me close. Of those 4, zillow is the highest estimate.
 

OfftheGrid

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Zillow estimates are running way low in the Phoenix area. I just sold one of my rental properties in Scottsdale to Offerpad and they gave me way more than I expected...50+K more than the Zestimate for a 1960's townhouse that needed a lot of remodeling. Liked the transaction so much, I am selling them another one we have for way higher than the Zestimate. We are happy to cash in and get out of the rental business, especially the fix it guy on call (me).
 

RogerThat99

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There is a house near me that sold/closed escrow on 2/8/21. I think they sold it to redfin or one of the cash buyer outfits. It just closed again on 3/31/21 for $75k more than it sold for in February. It never had a sign up or anything.
 

Activated

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I generally take the houses that have sold in my area, figure out the price per square foot and multiply it by our square footage. Our house is bigger and more updated that the people across the street but Zillow has their value as 120k more than ours.

Makes no sense.
 

pronstar

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I generally take the houses that have sold in my area, figure out the price per square foot and multiply it by our square footage. Our house is bigger and more updated that the people across the street but Zillow has their value as 120k more than ours.

Makes no sense.

An appraiser will use PPSF as a check at the end to ensure his numbers are reasonable. But it’s not really used to determine value for residential.

In a homogenous market, the largest house in the neighborhood will always be valued at less PPSF than the smallest.

You’ll get in the ballpark for sure, and it’s an easy metric to use

But don’t be surprised if comps give a different number.


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