Author Topic: ZipRealty Estimates  (Read 4361 times)

rjack

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ZipRealty Estimates
« on: April 27, 2015, 12:08:08 PM »
How accurate is ZipRealty.com when it comes to estimating the potential sale price of a property? Is there a better site to use for estimating a sale price? Is there a better DIY way to do it?

Thanks!

ShoulderThingThatGoesUp

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Re: ZipRealty Estimates
« Reply #1 on: April 27, 2015, 12:57:56 PM »
Looks like they use SmartZip's system. Checking in on the neighborhood I lived in near Philadelphia until last year...

Yeah, that's bullshit. I sold a house there last year and it underestimates its price by $100,000 because its data on it is horrible. The house next door it has at tens of thousands higher than the actual sale price of my former house for what I assure you is no good reason.

ETA: Redfin has a system where it will help you select the most reasonable comps.

zephyr911

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Re: ZipRealty Estimates
« Reply #2 on: April 27, 2015, 02:08:52 PM »
How accurate is ZipRealty.com when it comes to estimating the potential sale price of a property? Is there a better site to use for estimating a sale price? Is there a better DIY way to do it?

Thanks!
Is it DIY if you call a Realtor and request a CMA? You did pick up the phone by yourself....
I've never seen price estimates worth a shit on a publicly available website. However, if you can get access to public records, you can take the appraiser's approach and add/subtract value from each nearby property based on differential features.

ShoulderThingThatGoesUp

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Re: ZipRealty Estimates
« Reply #3 on: April 27, 2015, 02:25:48 PM »
How accurate is ZipRealty.com when it comes to estimating the potential sale price of a property? Is there a better site to use for estimating a sale price? Is there a better DIY way to do it?

Thanks!
Is it DIY if you call a Realtor and request a CMA? You did pick up the phone by yourself....
I've never seen price estimates worth a shit on a publicly available website. However, if you can get access to public records, you can take the appraiser's approach and add/subtract value from each nearby property based on differential features.

County property assessment in much of Pennsylvania is complete nonsense. Philadelphia proper at least claims to hit actual value, but Montgomery County says this:
Quote
A “uniform” assessment rate means that all properties in the County, whether residential, commercial or industrial, will be assessed by the department at the same ratio to market value. Currently, all assessments are set at 100% of 1996 base year value.

rjack

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Re: ZipRealty Estimates
« Reply #4 on: April 27, 2015, 03:18:42 PM »
Is it DIY if you call a Realtor and request a CMA? You did pick up the phone by yourself....

I'm not planning to sell the house until next Spring. I just wanted to get a reasonable estimate of where it is now. Would a realtor be willing to work with me this early?

Fishingmn

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Re: ZipRealty Estimates
« Reply #5 on: April 28, 2015, 06:18:30 AM »
You need to find recent sales - all automated estimates aren't very good.

Here's what I would do -

- Go to Zillow and put in your city
- Change the drop down from "for sale" to "recently sold"
- Use the drop downs for bedrooms and home type
- Under the final drop down (More) change the "Sold in Last" to 90 days (or 6 months if not enough data)

Then look at the homes closest to yours and make manual determinations based on the features & pictures to decide what yours is worth. The most important consideration is size. I normally look at foundation size as a first rule of thumb. Then you can evaluate based on features, updates and condition using the pictures.

This should at least get you within 5-10% (which is often way better than a zestimate).

As a Realtor I'm almost always within 3% but my process is more detailed and I use a custom CMA tool that works well (fee based).


dandypandys

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Re: ZipRealty Estimates
« Reply #6 on: May 09, 2015, 04:08:40 PM »
thank you for the zillow advice.. i am really sad looking at it :( it says my condo i bought in Orlando 2005 for 140k is now worth 61k
Ugh. Can't. Even.
i am going to try your method and hope for a better number.

SUP

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Re: ZipRealty Estimates
« Reply #7 on: May 10, 2015, 05:39:55 AM »
Is it DIY if you call a Realtor and request a CMA? You did pick up the phone by yourself....

I'm not planning to sell the house until next Spring. I just wanted to get a reasonable estimate of where it is now. Would a realtor be willing to work with me this early?

Yes. Contact a few. Look for high volume agents. They are more likely to give realistic listing prices. Be honest. Tell them you are looking to sell and would like to see what they would list and sell the home at. Tell them you are shopping realtors but not looking for whoever gives you the highest price, you are looking for the one that knows what they are doing and justifies the price the best with solid comps. You would also like some info on things you could do to add value and get more and/or sell faster.  Great agents will have a listing packet of info for you. They will also give you tips for getting the most out of your home.

Don't be shy. Talk to at least 3 of the best in your market. It will be a very educational experience and when you do decide to sell you will know who to use. If any of them are rude or don't like being shopped then move on. With most realtors charging the same amount you should work with the best. I see WAY too many people use their cousin who just got licensed just to be nice. Then either list too high or too low and lose money. Would have been better off hiring a real pro and giving their cousin $5,000  ;-)

zephyr911

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Re: ZipRealty Estimates
« Reply #8 on: May 11, 2015, 10:06:48 AM »
County property assessment in much of Pennsylvania is complete nonsense. Philadelphia proper at least claims to hit actual value, but Montgomery County says this:
Quote
A “uniform” assessment rate means that all properties in the County, whether residential, commercial or industrial, will be assessed by the department at the same ratio to market value. Currently, all assessments are set at 100% of 1996 base year value.
Oh, that's the case in many places. I mean actual sale records.

zephyr911

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Re: ZipRealty Estimates
« Reply #9 on: May 11, 2015, 10:08:34 AM »
I'm not planning to sell the house until next Spring. I just wanted to get a reasonable estimate of where it is now. Would a realtor be willing to work with me this early?
Ha ha ha ha ha!!! (sorry)
They're salespeople in a field with a very long pipeline. They will *never* pass up potential business, even if it's years from now.

dandypandys

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Re: ZipRealty Estimates
« Reply #10 on: May 11, 2015, 10:32:00 AM »
i have emails out to 2 realtors now. so waiting to hear back on comparative market analysis.. but was wondering what other sites except zillow do this, as Zillow when i try to change the options under edit the homes details, keeps saying their server is down. Anyone else have this prob?