Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.

Posted about 7 years ago

The Right Response to but "Zillow says it's worth"

Homeowners response to my offer for $346,700 cash terms

1st response

No I will not be taking that little.

2 weeks later

I'm still thinking about how much I would like to ask for the house. The Zillow estimate is ~$464,000. With a projected to rise significantly over the next year. What do you think of that price?

The correct way to respond 

Reader Note: (Property rents for $2,200 a month with $5300 taxes yr)

Normal 1531454256 Fire Shot Capture 009   3726 Nw Van Buren Ave   Google Maps    Https   Www

Thanks for getting back to me ******

That Price sounds about right after you:

Remodel a 3,000 ft home including finishing the basement (zillow guesses based of sq ft) $40 -55k,

Account for vacancies for 6 months $13,200 other holding cost associated (taxes, mortgage debt rate) $4k

Closing cost $3k

Realtor fees %5 total $18,400

Fudge factor $5k

Total= $93,600

Then you could make about $20k

Check out these houses that sold in similar condition

This one sold in Feb of 2018 for 335k

https://www.zillow.com/homes/for_sale/house,condo,apartment_duplex,townhouse_type/48196325_zpid/2700-3400_size/44.57711,-123.280314,44.564651,-123.303381_rect/15_zm/1_rs/1_fr/

Feb 2018 for 315k

https://www.zillow.com/homes/for_sale/house,condo,apartment_duplex,townhouse_type/48197901_zpid/2700-3400_size/44.581008,-123.259885,44.55609,-123.306019_rect/14_zm/1_rs/1_fr/

Here is your house after a full rehab There is what $465k looks like. Last month

https://www.zillow.com/homes/for_sale/house,condo,apartment_duplex,townhouse_type/48196719_zpid/12m_days/2700-3400_size/44.581008,-123.259885,44.55609,-123.306019_rect/14_zm/1_rs/1_fr/

I'm not trying to be discouraging, but Zillow is a tool and not very accurate in Corvallis in general. I've also seen Zillow be 100k too low in SW Corvallis. It's important to look at homes that have sold in similar condition, sold with in the last 6 months - 1yr, also consider that your home has a below ground basement that even after being finished is still less valuable then if the 1,000 sqft were to be above ground like some of these comps.

Hope this helps your evaluation. I strongly recommend that you consult a realtor that you may know or trust, not one that will tell you whatever you want to hear to get a listing.

Thanks for reading,

Cody


Comments (1)

  1. I too have noticed that Zillow's Zestimate is not always super accurate. Thanks for sharing!