Are Zillow estimates reliable?

6 Replies

Hey everyone, I'm planning on doing contract assignments for properties out of state. I live in NYC and the prices here are incredible compared to those out of state. Since I currently cannot afford a professional appraisal I was wondering if I can rely on Zillow estimates for market values. 

I would say no. Checking recent sales of similar properties within a few blocks will give you a much better idea.

A property that I just had professionally appraised at $50k shows up as $154k on Zillow

@Chris K.  Okay I will do that, thank you for the advice. I have never done a real estate deal ever, where can I get a real estate contract?

Zillow estimates are WAY off.  I have found that even the monthly rental estimates are low by over $100.

Originally posted by @Gilbert Velez :

@Chris K. Okay I will do that, thank you for the advice. I have never done a real estate deal ever, where can I get a real estate contract?

 You can find one that is used by your local board of realtors or have a lawyer draft one up for you. I just use my local realtors but even then you need to read thru it and understand the whole thing.

Originally posted by @Chris K. :
Originally posted by @Gilbert Velez:

@Chris K. Okay I will do that, thank you for the advice. I have never done a real estate deal ever, where can I get a real estate contract?

 You can find one that is used by your local board of realtors or have a lawyer draft one up for you. I just use my local realtors but even then you need to read thru it and understand the whole thing.

 Can I use a local realtor's real estate contract out of state?

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