Buyers Aware! Price jump in home estimated prices by using lot size as the living area!

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Recently I have seen several homes have edited their facts and their estimated prices have huge jumps afterward. I have taken a closer look onto those houses and find out the reason is that they "mistakenly" edited their living areas using their lot sizes. When zillow's pricing model takes that wrong input, the estimated price shows a jump.

That is right, look at this house, 10 Ardsley Pl, Great Neck, NY 11021. Guess what? The estimated price jumped from 870K to 1.23M last July. If you look the seller facts, the living area is 6000 sqfts (which is its lot size) and the lot size is 60 Acres! No wonder the estimated price went up almost 50% in this economy downturn,

Suggestion: Zillow should list the question as "Living Area (sq ft)" rather than just "sq ft". This should avoid people to input their lot size instead of living area and make the estimated price ridiculously higher than market fair value.
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April 09 2010 - Great Neck
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DiscussionBuyers Aware! Price jump in home estimated prices by using lot size as the living area!
  • Posted by Bayesian
  • April 09 2010
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