Are Zillow estimates reliable?

Question

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.

Gilbert Velez · Answer

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

Chris K. · Answer

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.

Azeez K. · Answer

Zillow zestimates are not reliable in my experience. They are reliable in certain markets but overall I have not found them very accurate.

http://www.zillow.com/zestimate/#acc

You should look at the sold prices of homes most comparable to yours to get an estimate of market value.

Good Luck

Mark Forest · Answer

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

Gilbert Velez · Answer

@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?

Chris K. · Answer

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