Have you seen Zillow? Ever wonder what your boss’s house is worth?
Now this is a cool website - www.zillow.com. This website attempts to tell you what a house is worth right now. Just type in an address, any address - your house, your parent’s house, your boss’s house, your ex-wife’s house. Instant cocktail party conversation!
How accurate is it? It apparently depends on where you live, as some areas of the country are better served than others. Zillow claims that most valuations are within 10%, so hey, this is a great place to start from. Zillow will also show you all of the comparable homes in a neighborhood, as well as past purchase history of a property. Best of all, it’s free, easy to use, and fast.
I suggest utilizing Zillow when doing property analysis with Real Estate Genius - this way, you can analyze a property using both the asking price as well as Zillow’s estimate. Use the Zillow estimate as a negotiating tool (assuming it’s lower than asking price). Plug the Zillow estimate into the Real Estate Genius calculator, and use the resulting financial statements to show the seller why the price is too high. It’s a brave new world.
