Opinions on www.zillow.com (Beta site)

[Mike Meyer]

Sorry for the long reading:icon_eyecrazy:

I stumbled across this website www.zillow.com
1). I am curious on how the appraisal community views this…
2). Does anyone have an opinion about the site they would like to share?
3). Could we use this site in finding comparable sales? I ask this because I check 3 MLS’s with varying results. The Zillow website find more comps then the MLS services and responds much faster. The site located the comps in about 10 seconds with the map showing locations and distances from subject with the date sold and prior sales dates if any. (I am on Broad Band cable)

The Data you can get from this site is:
A value, a value range, and 10 comparable sales with in a 1-mile area for the last 6 months.

It also gives you the Satellite Photo of the area (Using Google earth) and all the Comps marked off. In addition, the “zestimate” of value for every house in the housing tract.

Public record data with prior sales information (Doc Stamp numbers are not listed) The tax records and the description fields from public records (GLA, Lot size, Room count, Year Built) although the FEMA Flood map data, Zoning Codes, Census Tract and APN numbers are not listed.

It also gives you price trend for the neighborhood in a graph from 1yr, 5yr and 10yr periods.

For curiosity I ran my last appraisal I did for my supervising appraiser (I need more work please I am stuck eating Rice and Pinto’s and Ford wants to Repo my truck . Can anyone use a Trainee in Los Angeles or Ventura county) :new_ukliam2:
The website picked all the same comparable my supervising appraiser picked (We use 6 comps 1 pending & 1 Active).

I brought the value in at $375,000 (Actually $385,000 but I used the Purchase amount if it is a lesser value) with a value range of “after adjustments” of $368,000 to $405,500 (in the area of Lancaster, California)
The zillow website calculated a “zestimate” at $391,870 and a range of $344,846 - $423,220. It is abviouse to me the site cannot make conditon Adjustments or Topography/Location adjustments. The subject needed Carpet it was heavly worn there was a concession for carpet in the sales contract the sale amount was $380K less $5000.

I have read several post about doing comp checks...and it seems very heated topic…this site Zillow.com is doing comp checks….the way I read the USPAP a comp check is a "Letter of Opinion of Value" and as of 2006 some of the changes in USPAP will allow appraiser to collect a fee for “Letter of Opinion of Value”. If this is so then all the lenders asking for comp checks should just use this “Zillow” website. My supervising appraiser has no opinion about this he spends every night until 10:00 with his wife doing comp checks. He is so busy handling the work he needs to do, its hard for them to find time to set me up with more work. Thank you for this Appraisal Forum it is a place I can talk to appraisers and hopefully make some new friends.:new_smile-l:

 

[Smokey Bear]

I brought the value in at $375,000 (Actually $385,000 but I used the Purchase amount if it is a lesser value)

I'm much more curious about this statement than about zillow. Why would you adjust your value to the purchase price?

 

[Em Tee]

If you do a search on here, you'll find a few different threads discussing zillow.com

Regarding your statement:

the way I read the USPAP a comp check is a "Letter of Opinion of Value" and as of 2006 some of the changes in USPAP will allow appraiser to collect a fee for “Letter of Opinion of Value”.

That's called an appraisal. Any time an appraiser gives an opinion of value, no matter what form it's in, it's an appraisal and must comply with USPAP.

I also find this statement very interesting:

My supervising appraiser has no opinion about this he spends every night until 10:00 with his wife doing comp checks.

Hmmmm. Maybe he should refer all these people asking for comp checks to zillow.com

 

[Steve Owen]

If you look up an address for Zillow in my area it will say they don't have any data yet.

Yea, Missouri... non-disclosure state... defender of individual freedom... last Libertarian stronhold... only remaining state where residential appraisers will still be employed by this time next decade.

 

[Otis Key]

Site is worthless as far as I'm concerned. It includes sales, refinances, second mortgages, foreclosures and everything a title company has with no consideration for quality, location, subdivision, amenities, site size, age, modernizations or anything else.

Now, I also agree with Mary & Cynthia's comments. WOW!

 

[Mutyger]

If you look up an address for Zillow in my area it will say they don't have any data yet.

Yea, Missouri... non-disclosure state... defender of individual freedom... last Libertarian stronhold... only remaining state where residential appraisers will still be employed by this time next decade.

Really,

My home's information is on Zillow and I'm in Missouri.

 

[Mutyger]

The so called comparable properties they used for my house all have lake access. whatever generator they use completely ignored anything within a 5 mile radius even though there have been 15-20 comps just like my home that have sold in my neighborhood for far less than what they estimate my home is worth.

 

[Mike Meyer]

Reply to Cynthia Hamilton

I'm much more curious about this statement than about zillow. Why would you adjust your value to the purchase price?

I was told on Purchase Appraisal that if the purchase price is less then the appraised value then use the Purchase value (within a reasonable amount). The way I make some sense out of doing this is; you are adding a safe guard to your appraisal....I am not sure I am a newbie I got my trainee license in October/05. The Appraisal School I went to also suggested that we follow this same practice of using the lesser value. It seams a common thing for Appraisers operating in the San Fernando Valley area of Los Angeles. We have seen housing price go up $100,000 per year for the last 4 years. They are now leveling off at the $500K to $800K range. I think many appraisers may be doing this because of the drop in market in late 1980's and into 1990's...may be the things that caused the Federal Government to demand that states license appraiser??? Not exactly sure. I did one appraisal on a condominium that was new construction. All the other condominiums in the development (210 units detached) had sold for $650K plus. This one was the first to sell and the last to be built; the person had the price locked at $480K. I had to use the appraised value (about $695K) and write an explanation as to why the value was so much higher then the sold price. Thank you for your comment.

 

[Mr. Lisle]

I have noticed that Zillow seems to lowball values in most of my area, though a few are high. I ran about 10 properties that I appraised within the past few months and more than half of them came up 10-20% lower than the appraised value. Not even sure how they came up with there "comps". Hell, I appraised a hoemin Arlington Hieghts yesterday that had a $10k sales range and an $3k adjusted range. I appraied it at $360k and Zillow valued it at $329,997. I actually hope my clients use it to base there orignal LTV, that would mean no more call blaming me for "low balling" the value. No more fighting to get paid because "You killed my deal"!

 

[Mike Meyer]

to Mary Adamson

If you do a search on here, you'll find a few different threads discussing zillow.com

Regarding your statement:
That's called an appraisal. Any time an appraiser gives an opinion of value, no matter what form it's in, it's an appraisal and must comply with USPAP.

I also find this statement very interesting:
Hmmmm. Maybe he should refer all these people asking for comp checks to zillow.com

I asked my supervising appraiser about the comp checks? He does these for his best clients and they are old friends of his. My supervising appraiser has been and still is a current licensed Mortgage Broker. He owned and built a Real Estate/Mortgage Broker business in San Fernando Valley about 25 years ago. Around 1987 some of his co-founders stole the business away from him (I only was told this from a mutual friend who knows him and referred me for him to take me on as a trainee). I think he holds a little resentment about lossing his empire he built. He hates seeing real estate sign in the photos “No Signs in Photos I am told”. He started doing appraisals in 1998. He is a very opinionated and headstrong individual. All his work comes from banker friends he has known for 25 plus years. I want to be the best appraiser I can be. I have a great deal of interest in how the job is done. However, he tells me what to do and I have to do it….I know for myself I can now learn also by hearing other opinion and views on how to appraise. I feel comfortable enough to listen and learn from others and not just one individuals opinion (and not get confused by contradictory views). I plan to be a frequent reader of AF (AF Addict heh heh heh). I may be in the Doghouse with my supervisor. I did made some mistakes on my last report. If his wife has to spend more then 30 minutes proof reading, my report he gets mad at me. I keep a running log of notes for all my mistakes for my own review. I have repeated some mistakes its something I am working on improving. I am digressing back to….

The heated issues about doing comp checks? Comp Checking is how my supervisory appraiser gets most of his Business (90%). He does 3 appraisals per day average. any more then I get some work.