RoadAdventures t1_j7dwlrq wrote on February 6, 2023 at 1:59 AM

Reply to comment by NecessaryMistake9754 in What would you tell your realtor if you just bought a house and zillow said it has already lost 100k in value? by NecessaryMistake9754

Totally understood... but again, Zillow can say anything they want.

Nobody should put much weight on a Zillow estimate.

NecessaryMistake9754 OP t1_j7dwr26 wrote on February 6, 2023 at 2:00 AM

Then why did most sellers list their homes at or close to zestimate?

RoadAdventures t1_j7dx7ud wrote on February 6, 2023 at 2:03 AM

They don't - they list at an asking price that got picked after a long discussion between them and their realtor, which accounts for what the timeline of the seller is, recent comparable sales, market trends, interest rate forecast, and a ton of other details which Zillow knows little about.

Zillow is fine for a quick ballpark number. Anything else, they are too much of a one size fits all answer to a very unique question - what is THIS house worth?

JohnnyRebe1 t1_j7j1xxt wrote on February 7, 2023 at 3:35 AM

Zillow uses the prices similar houses in that area sold for to get an avg. Zillow estimate means nothing. Could just mean they haven’t gotten updated sales figures or something along those lines. You want to know what your house is worth hire an appraiser.