Real Estate Pricing

Just wondering how accurate the information is from this site as to recent sales of homes in a particular area.
Is this the same information we would be getting from a real estate agent?

It seems a lot like Zillow. It is very similar to what you would receive from a realtor.

The best information you can gather is recent comps less than 3 months old of homes that have actually sold down to the very neighborhood you are looking at. Don't go by what houses are listed at-only very recent sold data is accurate. That is a low risk idea. What is really neat is when you have bought so many homes in an area that everytime you buy a new one the comps used in the appraisal are all ones you own!

Sites such as zillow and cyberhomes are not always up to date. It is best to gather sales info through a real estate agent. Ask for homes that were sold with similar qualities. i.e.) square ft, number of rooms and baths, etc.. Try and get 5 houses that were sold in the area within the last 3-6 months. Weed out the high and low prices. Then calculate an average price per sq ft. This should give you the best info for determining the price.

Hope this helps,
Zeek

I have trouble getting comps because literally nothing is selling here.

I live in a new nieghborhood that is a little over two years old. I have lived there for 1.5 years and just recently I checked Zillow.com to see my property value. It did not have my house on it, so it seems to be a little slow on updating. I also checked a duplex that I own, and it was not listed correctly on Zillow. As my experience has been they do not have the most up to date or accurate information. The best way to get comps. is through a real estate agent with the recently sold properties.

zillow isn't perfect. It seems to deal best with tract homes ie it has my home ok. Rural areas it has a real problem with.

It pulls right off the tax records so if the recorder/assessor screws up, then zillow is toast.

It does make a good quick reference though. Just be sure to look at the sales comps it lists and NOT just the ZEstimate.

hi everyone i am new to this and i was wandering if the automated foreclosure finder that dean graziosi made if it really works.Thanks

and version 2 is now up and running so check it out

Yes, one of the keys to this business is marketing. Dean has made huge money from his marketing - I mean look where he is at. Dean is no dummy and knows how to get people to call you. I myself use a lot of what Dean does - it works.

Version two of what? I have signed up for the AFF system, but i don't know anything about the version two. Are you talking about the 24 hour free recorded info or the website? Please holla at your island buddy.

Lloydsap

Any of the on-line websites are just that. Web sites. The most accurate of all will the the MLS (Multiple Listing Service). The full service will be used by Realtors. Realtor pay a year end and monthly fee to access the serice. The MLS does nothing compile real estate info on listed property. They can even furnish the history on a property. If you do not have an agent that you are working with, you can ask a title company to provide the comp on a certain property. But of course, you will want to eventually enlist the help of a realtor.

wmark1963 wrote that Zillow uses tax and/or assessors records. Assessors use their own formulas to determine market value for tax purposes which doesn't necessarily equal Market Value for resale purposes. State law varies as to whether the assessor is able to get actual sales info and enter that into county records. In some counties, the tax values are pretty good indicators of true market value but that isn't true in all circumstances.

is normally approx. 70% of the properties actual value, MOST OF THE TIME, not everytime.

Is the AFF free, or is there a charge?

I don't have any extra to spend on these kinds of things yet, so have to be careful what I sign up for. Dean's book was even a stretch for me a this point.

If this service is free, could someone tell me how to get to it?

I have been impressed by your words and others that it is very important to stay current on a number of things, where the market is, where your credit rating is, where the banking industry's own security is, as well as the current prices of property. I am going from knowing so little to learning every day, some times hour by hour. We have a lot of good teachers on this site, whether they know it or not.

If I am researching a duplex and I go to Zillow to get a ball park estimate. Is Zillow giving me the estimate for the entire duplex or just one side of the duplex. I have an owner that wants to sell a five house block of property. 2 duplexes and one single. All next to each other. He wants $55,000.00 for each side of duplex and $90,000.00 for house. All are rented. Total $275,000.00 for all.

Zillow gave me an estimate for each address of $90,000.00 to $98,000.00. Is this estimate for the entire duplex or each side individually?

Carol, I believe a duplex is one property. It would be listed as ONE on the tax roll. i/e 1205-1207 N 35th St, 2 adresses/one property. At least that's how it is here.

Rina

To me a duplex is one property, where the land is included. If you were buying just one side, I would call that a condo and you are purchasing the living space only (not the land). But how Zillo sees it is anybodys guess.

Al

Carol, i would be careful as to Zillows estimate on that duplex, if it were me, i would be going by the closest, most alike duplex in the area, see when it/they SOLD and base your offer off of that. Zillow is more accurate on single family homes, not so much duplexs, tri-plexes, etc

I just had to give my 2 cents.

Zillow in my opinion is terrible. An agents comps can not be matched. A good agent is worth there weight in gold.