Special offer

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Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I'm from the school of thought that the less attention we give to Zillow, the better.

May 09, 2017 04:21 AM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I would take the listing all day every day. I am still listing and selling REO and my cash buyers would eat this up. Fix it and relist with me to sell again. As far as Zappraisals, they are as worthless as paying for zip codes

May 09, 2017 04:41 AM
Ambassador
1,026,993
Mimi Foster
Falcon Property Company - Colorado Springs, CO
Voted Colorado Springs Best Realtor

 Since I don't know home values in Cayce, South Carolina, I have no idea what this property would be worth in this condition or in a fixed up condition. In my neck of the woods, we would be thrilled to get a house like that for $130,000. But as someone who spent many years doing rehabs on Victorian homes, the only truly discouraging thing to me in all of that was the (weird) tenant upstairs. 

May 09, 2017 04:20 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jeff Pearl A perfect example why consumers should not put any value in Zestimates.

May 09, 2017 06:08 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

All AVMs are like that.

May 09, 2017 04:41 AM
Rainmaker
1,844,291
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Can't tell if you mean overpriced or under.

May 09, 2017 04:55 AM
Rainmaker
4,572,183
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

I don't have a South Carolina real estate license and I don't have any knowledge of the Cayce market.  If that property was in my market and available at that price, it would be likely be an unbelievable value that would garner a lot of attention.   I can imagine the calls received...lol.   

May 09, 2017 04:51 AM
Rainmaker
2,220,323
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Thanks for sharing.

May 09, 2017 04:27 PM
Rainmaker
989,652
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Nina Hollander and I - great minds think alike - do NOT give them any traffic!

May 09, 2017 03:16 PM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I am with my soul sister Nina Hollander - I won't even click the link!

May 09, 2017 02:20 PM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Jeff,

We feel the same way as Nina Hollander does.  A

May 09, 2017 01:48 PM
Ambassador
6,393,179
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I am glad that they are doing the estimating from the outside, and they had better not start peeking through the windows.

May 09, 2017 10:40 AM
Ambassador
1,076,551
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Weird situation.  Zillow aside, that sounds terrifying - "tenant upstairs, doesn't pay rent, doesn't leave the upstairs, gets their nourishment from birds and water coming through the holes in the roof".  

May 09, 2017 10:31 AM
Rainer
117,135
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

Woo Hoo what a deal!  The pictures are pretty descriptive.  I did enjoy the agents description as well.  I think I ned to be a little more creative with mine.  

May 09, 2017 09:14 AM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I don't know your market.  Out here, that would go in 30 all cash offers at that price and for probably 300-400k.

 

I'm all about educating the public on why NOT to use Zillow and why TO use a real estate agent.  If I were you, I'd write a blog about this and distribute it far and wide.  I did one yesterday about the zestimate lawsuit in Chicago.

May 09, 2017 09:02 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Z should be ignored.... 

May 09, 2017 08:45 AM
Rainer
375,087
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

I cannot imagine trying to deal with evicting the upstairs tenant OR buying something that I haven't either seen myself or had thouroughly inspected. Not viewing the upstairs is a dealbreaker for me. 

I don't know values in SC, but cleaned up, couldn't the property be worth the zestimate?

May 09, 2017 08:45 AM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Yikes. Captain: I think the Klingons are attacking!

May 09, 2017 07:50 AM
Ambassador
2,178,603
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Not!   If the upstairs tenant has lived there long enough, they may NEVER be able to evict.  By allowing tenancy with no payments, the owner has, essentially, given permission.   Think adverse possession.  This is a legal hassle and the owner needs to be schooled on how to prepare a property for sale... meaning hiring a lawyer and getting the tenant out.  

May 09, 2017 07:48 AM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I wish the general public understood that the "Z" estimates are often way off base.  All we can do is try to educate them when they talk about it.

May 09, 2017 07:07 AM
Rainmaker
2,390,620
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Actually Jeff Pearl that house would sell very fast for that price here in our market. 

May 09, 2017 07:00 AM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Zillow can do whatever it wants but hands-on cannot be imitated

May 09, 2017 06:51 AM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Many people in the area never set their foot inside and came in with relatively high offers.  

May 09, 2017 06:48 AM
Ambassador
5,049,108
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Well there's an opportunity! It would be $500K here!

May 09, 2017 06:41 AM
Rainmaker
1,027,602
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

I admit, I am very intriqued about the upstairs tenancy!  LOL

May 09, 2017 06:39 AM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hi Jeff Pearl 

Is this a made up listing? I was surprised that the price would even be $130K.

Personally, I do not like predictive websites

May 09, 2017 06:24 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Real estate is local so I don't know if the value is close to Z's price or not and of course Z doesn't know what the inside looks like. In California it would be worth 3 or 4 times that amount. Buyers set value as to what they are willing to pay so with the price cut I would say buyers have said NO so far.

May 09, 2017 06:15 AM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

You've clearly made a mistake ! If Zillow says it's worth it , it must be !

May 09, 2017 06:12 AM
Rainmaker
599,274
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

It depends on the market. If you look at comparable homes in the market, they appear to be listed for around $240,000. After repairing this "fixer upper" I don't think you would be much below market value, which means you'd be better off buying a newer home in good condition at market.

The good news is that $130,000 is just the list price. A savvy flipper can probably pick this up for under $100,000 and make a tidy profit.

May 09, 2017 06:05 AM
Rainmaker
536,943
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

I have not found Zillow to be correct on anything as of yet.  Their zestimates encourage buyers to low offer on homes that are priced correctly for the market.  But Buyers think it is true and correct therefore they low offer or move on altogether.   What a tragedy.

May 09, 2017 05:44 AM
Rainmaker
5,216,398
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Too many red flags for me! Pass

May 09, 2017 05:27 AM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing this link.

May 09, 2017 05:26 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Nina Hollander nailed this one!

May 09, 2017 04:52 AM
Rainmaker
4,936,677
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not a fan of zillow so no comment.

 

May 13, 2017 05:37 AM
Rainmaker
5,868,538
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Another reason to pay NO ATTENTION to Zillow.

May 11, 2017 04:30 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, this is a great indication of why Zillow really is a scam.

May 10, 2017 05:48 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thanks.

May 10, 2017 03:08 AM
Rainer
259,005
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Since I don't konw the area, it's hard to say.  Perhaps the lot is worth that after teardown.  But I agree, Z doesn't have a clue.

May 09, 2017 11:07 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeff Pearl - and once again, it's just 'Z'!

May 09, 2017 10:44 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Until we start getting away from these lead gen companies we will be viewed less professional every time bad info gets out

May 09, 2017 08:02 PM
Rainmaker
5,005,642
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Zestimates are worthless and buyers need to be educated as to why!

May 09, 2017 07:00 PM
Rainmaker
864,658
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

That does not surprise me. Nothing new knowing it is Zillow.

May 09, 2017 06:04 PM
Ambassador
3,587,960
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Nothing new under the sun with z.

May 09, 2017 04:43 PM
Rainmaker
711,852
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I had to argue a zestimate with a reporter last week. He had no clue how the zestimates are developed and I hope I gave him a bit of an education!

May 09, 2017 04:01 PM
Ambassador
2,684,009
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Nightmare Tenants.   Did Z take that into consideration?

May 09, 2017 03:59 PM
Rainmaker
1,157,785
FN LN
Toronto, ON

Zillow does not operate in our great country.

May 09, 2017 10:56 AM
Ambassador
5,229,951
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I agree with Ken Jones - it SHOULD be illegal and am hopeful the pending litigation will dismantle these bogus values permanently - although I doubt it will!

As for the listing - great net on that property as an investment! $1,800 monthly income on a $130K property!!

May 09, 2017 06:11 AM
Rainmaker
1,513,143
Raymond E. Camp
Ontario, NY

If I cannot get in it there is no way!

May 09, 2017 05:32 AM