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House next door sold for $50,000 above Zestimate. When will our home's Zestimate reflect that comp?

Our neighbors' house had a Zestimate of $467,000, and their house sold for $517,500.  Our home's Zestimate is $421,000, which we believe to be well below the actual market value.  The comps Zillow is using are for homes that sold last year, or are for smaller homes.  What gives?

  • June 02 2010 - Redmond
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Answers (2)

Ignoring the zestimate is good advice.  Too many people fall in love with it and treat it as gospel.  I've never heard a buyer make an offer and say it was based on the zestimate.  Even if they did, I'd probably laugh (probably not to their face) and show them the comps.
  • June 02 2010
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Zillow readily admits its Zestimates are only rough estimates based upon public records.  To obtain a good market evaluation, contact a local Realtor to prepare a Comparative Market Analysis ("CMA") for you.  We tell our clients to ignore the Zestimates.
  • June 02 2010
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