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A house was sold for 1.26 million while Zestimate has bee saying it is 572k, did the buyer overpay?

A house on 490 Chappaqua Rd was on the market only a short while and was sold two weeks ago fot 1.26mil.   The Zestimate has been saying (and still does) it is $572k.   Either the buyer overpaied (more than double) or Zestsimate is way off?  
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September 15 2011 - Mt Pleasant
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Answers (2)

From AOL Real Estate BlogWhat is a Zestimate?

Hey Golfpapa!

Let me start by saying, I'm a fan of Zillow. Regardless of the opinion of some, I appreciate the service and information that Zillow provides, even if they aren't hitting pricing spot on. That being said, Zillow makes a Zestimate based on, '...Market value, computed using a proprietary formula. It is not an appraisal...'. Zillow employees aren't appraisers; they don't 'go out' and make estimates based on homes and what they see. So, Zestimates can be ALL over the map!! Let me tell you from a person perspective, my home's value is SADLY understated in its Zestimate (IMHO). However, there is a home in my neighborhood that is being sold for a MUCH lower price than the rest of the neighborhood, so that home's Zestimate is much higher.

Visit these couple of sights and see if they help a bit.
http://www.zillow.com/wikipages/What-is-a-Zestimate/

Happy trails!! M~
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September 15 2011
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In that price range, it could be either one. The Zestimate could be off especially of there was extensive remodeling or a partial rebuild that they did not have a record of and/or it could have been a long time owner with a very low assessed value in comparison to the sales price. It is hard to say.
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September 15 2011
 
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A house was sold for 1.26 million while Zestimate has bee saying it is 572k, did the buyer overpay?
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September 15 2011 | 2 answers
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