Profile picture for user858455

Home value is understated because of "good" original price and winning a tax appeal ...

I bought my house for a "good" price THIRTEEN years ago, and this seems to continue to depress the Zestimate. Also, I was one of a few in the neighborhood who knew that tax valuation could be reduced about five years ago by a certain percentage "just for the asking", and I did it. I suspect purchase price and tax value are the two most weighty factors in the Zestimate! AFTER SO MUCH TIME HAS PASSED, why is my house STILL  estimated at the lowest value per square foot among 150+ houses in the neighborhood? In other words, .... just because I was "clever" in two ways, does this depress my Zestimate FOREVER?
  • January 05 2014 - Six Forks
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Answers (1)

Profile picture for wetdawgs
If you were clever and the tax assessment continues to be lower, of course the Zestimate will be impacted.   After 13 years the sales price carries a bit less weight.    Of course, Zillow does offer the value range, far more important IMHO than the one number called a Zestimate.

But, you mentioned the "$/sq ft" value.  Is it possible that you have one of the larger homes in the area?   If that is the case, larger homes have lower $/sq foot from the moment of construction with similar lots and similar construction quality.   This remains true over the years.   I personally would be delighted if Zillow rid itself of the $/sq foot value because it is too often misinterpreted (even more than the Zestimate).   One does not buy a house per square foot, but buys a house as a whole unit.

Please do claim your home and share your estimate of value. 
  • January 05 2014
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