Using Zillow as a ballpark estimate?

[phlemboy]

If I'm buying a 4 unit building but there are no recent or nearby comps, How do you come up with a number? Getting comps is relatively easy because it's allpublic info. It's making adjustments when you don't have similar comps. thats a challenge. Maybe I'll just pay the $300 for the RE license course. Then get an appraisers license!

[marketingmaster]

I have used Zillow for the last year or so and I find that the Zillow estimates are generally high in my market.  However, Zillow does do a great job of laying out all the comps.  It identifies the property, the size, sale date and sale price.  It save lots of leg work. I also use the MLS but it does not show the FSBO's like Zillow.

I then can go out and look at the comps and in a very short time have a good handle on the property I am considering.

[mhughey]

I'm just a newb working up to my first deal and have read a few things regarding Zillow accuracy on this forum. What I haven't seen talked about specifically is how Zillow varies in it's accuracy from one market to another. Because the Zestimate is calculated using public records which aren't always available in every area, some Zestimates are more accurate than others. Zillow tracks how accurate its estimates are by comparing the Zestimate to the actual sales prices of homes when they sell. You can see how accurate the estimates supposedly are by going here - http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm. Obviously, even if the estimates in your area are fairly accurate, there are still any number of variables which have already been discussed here that can come into play that would affect the value.