Comparable Pricing

Can you provide insight for pricing?  Our house is listed far less than comps in the neighborhood and it has more amenities than others. 
  • June 23 - Southport
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Answers (4)

Zestimates are "broad strokes" kind of pricing. A computer takes a bunch of houses in a general area and spits out a price based on an algorithm. It doesn't take into account many of the things necessary for a true evaluation of price for a specific property.
 
A listing price is the price that you and your agent arrive at to price your home when selling. After reviewing the comparable properties provided by the listing agent, it is a price that you agree on and is written into the listing contract and shows up on the MLS and several websites searched by buyers looking for homes.

Proper pricing is done by looking at what buyers recently paid for properties similar to yours in size, lot size, location, condition and amenities. Zillow zestimates do not take all of these factors into their zestimates.
  • June 23
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Profile picture for JeanScottTeam
I'm not sure I understand your question.

Do you mean listed on Zillow and price their Zestimate? I hate to say here on Zillow, but the Zestimate can be off by as much as +/- 20%. That's based on a survey we did of the contract price of recently sold homes to the posted Zestimate at the time of the sale.

If you mean listed by your Realtor, a good Realtor should be able to answer that question for you in detail. i.e. "Here are all the homes listed for sale in your neighborhood, under contract, and recently sold. These are the ones that are 'comps'; meaning most like yours and either your competition (on the market) or comparable sales (recently under contract and sold) for possible appraisal purposes. Then here are the current market adjustments for the differences".

I hope that helps you.

Thanks,

Jean.
  • June 23
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Zillow is ok for showing you market trends. However for an accurate comparable analysis of specific properties, including yours, you want to have an agent pull a quick report together for you.
  • June 23
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Are you working with an agent? If so, they should be able to provide comparable sales within the last 6 months so that you have a realistic idea of what your home's value may be. 

All the best,
Nathan Tutas
407-870-3581
  • June 23
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