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Home valuation question

Hello; I just had a quick question on the Zestimate valuations for two houses. 3593 S. Coleridge Place, Boise, Idaho has a Zestimate of $205,000 and, two houses down in the same culdesac, 3592 S. Coleridge Place, Boise, Idaho has a Zestimate of $265,000. Both homes have 4-bedrooms and 2.5 bathrooms and 3593 Coleridge actually has MORE square footage inside the home. Why is there a $60,000 difference in the valuations for these two homes? Thank you for your time.

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June 19 2011 - Southeast Boise
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Answers (1)

Zestimates are just estimates that vary greatly based on the limited amount of data Zillow has available in Idaho since it is a non disclosure state.  Think of it as being less accurate than looking at Kelly Blue Book for a car's value without adjusting for the interior, mileage or condition!

In real estate, value is defined by "What a buyer and seller are willing to exchange property for in a fair market sale".  Property assessments, taxable value, Zestimates, etc., should never be used to buy or sell property!

Instead, have your Realtor do some research and buy a home based on current "appraised" value based on full interior inspections and adjustments for size, quality, interior and exterior condition, view, lot size, etc.

FYI, 3593 sold Sept 30th 2010 for $187,500 after starting at $269K.  3592 was on the market last year for $264,900 and the listing was cancelled before it sold.

Hope this helps!
Jim Paulson, CRS, GRI, SFR, ePRO
Owner/Broker - Progressive Realty Corporation

  
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June 19 2011
 
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