Yep, Texas market values have risen over 50% in the last year. In fact, they dropped slightly up until about the last month where they rose almost 60%. Well, at least that’s what Zillow is telling me. Take a look at their market value graph I saw this morning.
This just goes to show you that Zillow’s estimates aren’t all that accurate. So please be sure to check with your local Realtor to get an accurate assessment of your property or any other.
That is very interesting, here in Australia the real estate market is in decline, but trends are pointing upwards very slowly but as the recession is almost easing new home owners should be able to start thinking about joining the rat race.
Great site by the way, some great information here.
Regards Lisa
It is a shame that many people don’t understand how sites like Zillow and even Travis CAD can be way off the mak in terms of real market value.
Fascinating! I was just looking at the iPhone version of Zillow for the first time over this past weekend and wondering to myself how accurate the data is (it seems I’ve been reading a lot of comments lately about real estate agents who are using Zillow and I’ve been wondering to myself why that’s the case when they could be going directly to their MLS data). I guess now I know – not very! Thanks for raising awareness regarding this. I do think there is danger with sites like Zillow making valuation determinations, especially if they don’t make the proper disclosures about how they arrive at sales data. One thing is for sure: a serious buyer should ALWAYS consult a licensed Realtor for the most accurate and up-to-date sales data!
Wow! That is outrageous. Thanks for the heads up.
Do you know websites similar to Zillow (with better quality data) for Canadian real estate market?
@Vancouver, I sure don’t sorry? Let me know if you find anything like it.
These national sites don’t have the knowledge to properlyreport on local market data. Think about it; why should I read an article on a third party site who uses third party data? Totally unaccurate.
Texas market values have risen over 50% in the last year.Really awesome also very interesting that . here in Australia the real estate market is in decline, but trends are pointing upwards very slowly but as the recession is almost easing new home owners should be able to start thinking about joining the rat race.
Zillow is so wrong. The problem is most clients think it is so true. They dont understand those numbers in Texas dont add up
It’s pretty hard to believe those numbers. Perhaps the price of land being bought for wind turbine farms is going up, but not for residential sales.
I believe it – i live in Austin TX! I think the rock bottom in Texas was 6-9 months ago. I know the new home builders are starting to get brave again with fewer builder incentives and the first price increase since 4th quarter of 2008.
Hey nice is it true because the market value change upto 10% really good for the business.
Thanks for that nice information you provided. I will make sure that I consult a local Realtor for better assessments.
Keep posting.
Its quite suprising that the Texas market value have increased so much. I would not have considered Texas to be prime property.
Zillow is Garbage! Stay away and warn your customers that it is based on often old, faulty information.!
Occasionally I stress out about the big dog web guys breaking into the real estate scene and pushing us residential real estate agents out of the market. Then I read a post like yours. I have to believe that real estate sales, especially high rise condo sales like I specialize in, is complicated enough that the public will still turn to us for help. Buyers like to do more and more of the foot work (internet research) but I believe they ultimately see the value of using a knowledgeable and experienced real estate professional….at least I hope so. W
Thanks for raising awareness regarding this.
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I agree Zillow is terrible from a valuation standpoint. RedFin blows it away in my opinion.
Nice & informative news blogs. I like this and don’t forget this.
Seems like its a incorrect graph or graph of some specific region.
Thanks for raising awareness regarding this. I do think there is danger with sites like Zillow making valuation determinations, especially if they don’t make the proper disclosures about how they arrive at sales data. thanks for the info
Zillow’s Zestimate is very erratic, I agree that it is always better to check with your local Realtor for estimates.
Oh wow! Looks like Texas is the only state actually moving some where!
What do the current numbers say? Our area is down drastically…foreclosures have a lot to do with that.
Last year texas real estate market values had gone down so badly. but now things are changing globally again. the value of real estate market will definitely increase in this new year 2011. In India, the real estate market was down last year, but now it starts to grow. I live in Kerala, a state in India where people invested a lot in real estate till 2 years back and on last year everyone were fearing to invest in real estate market. but i can see a rapid increase in the investment of real estate in kerala.
That was a good entry.. Really informative, thanks for sharing.