Posted by David Cooper on April 13, 2007 at 14:28:40:
Zillow does list recently sold homes so you can get an idea of comps. Unfortunately, it doesn’t give any info about bd/ba or sq. ft. unless a user enters the info for the properties.
In my area that means there is no way to tell from zillow what kind of property it is.
Need good deal finding help please - Posted by Chris
Posted by Chris on April 12, 2007 at 19:41:05:
Alright Im trying to learn how to find good deals. I was looking at this zillow site and it gives their estimate of a home and its sale price. I just came to this one…
http://www.zillow.com/HomeDetails.htm?zprop=69992543
Its in the “Make me move” catagory which Im assuming are people that need to get rid of the house, correct me if Im wrong. The current sale price is $275,000 and the “zestimate” is $349,415. It LOOKS like a good deal but how do I make sure it is? What would you do after seeing this? Thank you 
Re: Need good deal finding help please - Posted by Joe Kaiser
Posted by Joe Kaiser on April 13, 2007 at 12:09:15:
There’s an essential element in real estate dealmaking that’s missing
here . . . seller motivation. The last thing I’d want to do is be positioned
in a negotiation where someone is telling me to make an offer to “make
me move.”
You’re looking at numbers that may or may not have any basis in
reality. Using zillow as an indication of market value is just plain silly.
There’s only one market value that matters . . . what some buyer will
sign his name too. Anything else is pretty much a fantasy and should
be disregarded as such.
$350k value - $275k asking price, and that LOOKS like a good deal?
Remember, the top 20% is simply air (unless you’ve got a buyer already
signed up to purchase). If you’re speculating, you can’t afford to buy
where there’s only room for 20%. In my town, closing costs are 10%.
Add carrying costs and market dips and you’re upside down with even
the slighted correction.
Good idea, “trying to learn how to find good deals.” Keep going!
Joe
Zillow - Posted by Christopher Smith
Posted by Christopher Smith on April 12, 2007 at 20:33:08:
Zillow’s “make me move” is generally for homeowners who aren’t actively marketing their house, but for a price would consider selling it for a price. By design they’re the opposite of motivated sellers.
Zillow has the potential to turn business models upside down for real estate agents, but there’s nothing there yet that you can take to the bank in terms of zestimates or “make me move” prices.
Zillow is a topic that has a lot of real estate bloggers buzzing. Check out http://www.realopinionated.com/three-questions-drew-meyers-on-zillow/ for a start. Their business model will take off, but for now I don’t see it as being useful for generating real estate investing leads.
Good luck!
Chris
www.equityscout.com/blog
Re: Need good deal finding help please - Posted by Chris
Posted by Chris on April 13, 2007 at 13:08:20:
Oh…see Im still learning So assume the top 20% is false when looking for a good deal? How do I find the value of a house though. Thats probably my main problem. I was told to compare, but with what sites?
Re: Zillow - Posted by Chris
Posted by Chris on April 12, 2007 at 21:55:42:
ooo. Ty very much. How would I find out if thats a good deal or not though? I dont know where to go for comparibles or to find the correct values of what.
Re: Need good deal finding help please - Posted by Joe Kaiser
Posted by Joe Kaiser on April 13, 2007 at 13:51:57:
Compare to what?
You don’t need to compare, you need to know. You do that by going
out and looking at a bunch of houses to get a feel for your market.
Then, you can put a property under contract with a gut feeling,
knowing you’re in the ball park and there’s a reasonable certainty
you’ve got yourself a potential deal there.
Joe
Re: Zillow - Posted by DaveB (NJ)
Posted by DaveB (NJ) on April 13, 2007 at 07:31:59:
Best thing is to find a realtor who works that area and call and say that
you’re interested in buying a home in that area can you provide some
comps for what such and such type homes are selling for. Usually works.
Re: Zillow - Posted by Mike
Posted by Mike on April 13, 2007 at 10:59:00:
Zillow is a nice tool to get started and best part its free, but I find that its “zestimate” comes in a bit high in some areas.