Zillow home values lag the real market.
When prices are dropping, Zillow Zestimates don't drop soon enough.
When prices are rising Zillow Zestimate don't rise soon enough.
Right now prices are rising in the good school districts of Silicon Valley, so Zillow Zestimates are too low. A Zestimate is just a prediction of the market value. However, the true market value is what a willing buyer willingly paid to a willing seller for the house.
For 10791 Brookwell Drive, Zillow shows a Zestimate of $875,000. However, on the open market, this house sold for $938,000. The actual sales price, and thus market value, was 7% above Zillow. Zillow is behind. Zillow underestimates the actual market value by 7% in this Castlewood neighborhood right now.
Assuming Zillow's formula is offset approximately the same percentage in the same neighborhood, a reasonable guess is that 6397 Myrtlewood Drive is worth approximately 7% above the Zillow Zestimate price. Since the Zestimate for 6397 Myrtlewood Drive is $912,200, if it's true market value is 7% higher, then 6397 Myrtlewood Drive is worth $977,878. The listing price of $970,000 is just 6% above the Zillow Zestimate, so is reasonable based on comparison to 10791 Brookwell Drive, which sold 7% above Zillow.
The spreadsheet showing both is in this Excel Workbook.
Showing posts with label zillow. Show all posts
Showing posts with label zillow. Show all posts
Friday, May 11, 2012
Friday, May 27, 2011
High Tech Realtor: Trulia Layar Real Estate App makes Zillow look like the Stone Ages
High Tech Realtor: Trulia Layar Real Estate App makes Zillow look like the Stone Ages
Posted Under: Home Buying in California, Home Selling in California, Tech Tips in California | May 4, 2011 12:45 AM | 122 views | 1 comment
A new Real Estate App has been created by Trulia in conjunction with a company called "Layar", one of the pioneers in "augmented reality". The App uses GeoLocation, Computer Vision, and Context Aware coding on an open API to augment real live objects on your camera phone with relevant data.
With regular Trulia, you look at a map, then figure out which house in the real world corresponds to the house on the map.
With the Trulia Layar Real Estate App, you take your camera phone, aim it at a bunch of houses ...or slowly turn around in a circle while pointing your camera phone at the row of houses, and as your camera passes over each house, data bubbles with listing/sales informationpop over the image of each house.
Layar has an open API. It is free to develop and/or use Apps on Layar. (This is a familiar model for developing web service apps for the web.)
Robert Lei
REALTOR®, e-PRO®
Century 21
Direct: (408) 350-4726
Cell: (408) 893-2410
I'm never too busy for your Silicon Valley real estate referrals
Posted Under: Home Buying in California, Home Selling in California, Tech Tips in California | May 4, 2011 12:45 AM | 122 views | 1 comment
A new Real Estate App has been created by Trulia in conjunction with a company called "Layar", one of the pioneers in "augmented reality". The App uses GeoLocation, Computer Vision, and Context Aware coding on an open API to augment real live objects on your camera phone with relevant data.
With regular Trulia, you look at a map, then figure out which house in the real world corresponds to the house on the map.
With the Trulia Layar Real Estate App, you take your camera phone, aim it at a bunch of houses ...or slowly turn around in a circle while pointing your camera phone at the row of houses, and as your camera passes over each house, data bubbles with listing/sales informationpop over the image of each house.
Layar has an open API. It is free to develop and/or use Apps on Layar. (This is a familiar model for developing web service apps for the web.)
Robert Lei
REALTOR®, e-PRO®
Century 21
Direct: (408) 350-4726
Cell: (408) 893-2410
I'm never too busy for your Silicon Valley real estate referrals
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