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City mandates of below market rate messed up our zestimates

Hello,

We purchased a house in a new development whereby the city mandated the builder to offer 50% discount on five units of the 42 units sold.  These units were just sold, almost a year after everyone closed on their regularly priced homes.  All of the sudden, zestimates of all houses in the development went down by 5%.  I am sure if is because of those below market rate units sold.  I flagged these five homes multiple times on Zillow but now on aswered back.  What do I do to get Zillow to adjust the pricing?
  • January 05 2012 - Sunnyvale
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Answers (1)

Doesnt matter, as an appraiser, Realtor, bank or lender would take these artificially low sales into effect. Your home would sell for market value regardless of those sales because your home does not have the same deed restrictions in place. Though your ZESTIMATE may be low because of them, your VALUE would not be affected. Zillow handles millions of homes values, and its not worth their time to verify low income housing agreements on five homes.





  • January 05 2012
  • 2Yes

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