Zillow.com can be very useful! - Posted by Luke

Posted by Joe on July 18, 2006 at 12:52:39:

Actually if you look closely when Zillow gives you a Zestimate, there’s a link to view comparable sales. Just follow that link to get the comparable sales data, and run your own analysis on it. That’s the only way I’ve been using Zillow. Using their Zestimate is no better than taking a shot in the dark.

Zillow.com can be very useful! - Posted by Luke

Posted by Luke on July 16, 2006 at 17:02:30:

Ok, for everyone that knows about zillow.com the common and pretty accurate assumption was it wasn’t very accurate. Sometimes it was low, sometimes it was high, generally low is my take.
So we have this tool that has so much potential to make investing and valuing properties so much easier but we can’t take advantage of it.
Well I may have found a way that with some work we can use Zillow successfuly.
About two weeks ago, I started comparing all the property sales each day with the value given by zillow.
I tracked it in a single area code (pretty small) for about two weeks now and am finally getting a pretty good handle on Zillow value compared to Actual value.
So now if someone calls and wants to sell a property and it’s in my area code I can look at zillow and adjust it, which gives me a much better estimate.

This is only in the preliminary stages but just an idea I’m running with and would like to get other peoples perspectives on how to make it even better.

Thoughts?
Luke

Re: Zillow.com can be very useful! - Posted by Wholesaler

Posted by Wholesaler on July 17, 2006 at 15:42:14:

I use Zillow to show some proof of my comps when I’m wholesaling properties to my email list. I put the link in the Email & the buyers can look at it from there. Personally, I don’t use Zillow when I’m buying – I subscribe to a service for that…:slight_smile: Honestly though, I have found Zillow to be pretty on target at times, while SUPER over inflated at other times in my area.

Later…

Richie

Re: Zillow.com can be very useful! - Posted by Joe Kaiser

Posted by Joe Kaiser on July 16, 2006 at 18:41:28:

Thoughts?

What’s your hourly rate tracking zillow value compared to actual value?

Joe

Re: Zillow.com can be very useful! - Posted by Luke

Posted by Luke on July 16, 2006 at 18:57:57:

It’s not really time-intensive. Maybe 20 minutes a day inputting the data and an hour a week to analyze it. It’s pretty simple and the time I can save valuing properties if this works out will most definitely be worth it.

Re: Zillow.com can be very useful! - Posted by Joe Kaiser

Posted by Joe Kaiser on July 17, 2006 at 02:35:40:

How would this ever be useful?

Not to be a wet blanket, but I don’t see it and I promise you, virtually
ALL the successful investors here will tell you you’re wasting your time.

Spending those same hours talking with sellers with big problems and
big equities would be worth 100 times whatever you’re getting from
this effort.

But, your call, of course. Good luck.

BTW, there’s a much better way to determine market values, and you
can get exact, TO THE PENNY numbers with virtually zero costs . . .
expose it to the market.

Joe