Profile picture for rubaby

How do hyou determine est. property value?

My home is for sale in the same neighborhood as another very close by however you have assessed a higher est value to the other home.  Yes it is much newer, but, point by point in comparison, my home offers much more.
SF 3,094 vs. 2,656; large corner lot vs. entire yard filled with swimming pool; hard wood floors vs. carpeting; brand new updated kitchen(1 yr.) with granite countertops , new appliances, stone floors,etc. vs. laminate countertops, vinyl flooring and 10yr old appliances; newly updated baths, w/ ceramic surrounds and floors,updated sinks,w/ graite counters vs. 10 yr old bathrooms with no updates; firepalce in 13 x 16 dining room with parque floors vs. small, carpeted dining room;  and many other improvements that are not apparent in the other property.  Yes, the other home is only 10 years old and mine is 35 years old, but with over $100,000 in improvements which includes new electric and plumbing, thermal windows and a roof that still has 15 yrs left on its warrenty, my home has many more amenities than the other home.
  • July 20 2011 - Old Orchard
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Answers (5)

I feel your frustration and you are not alone. Contact a local real estate agent to provide you with a Comparable Market Analysis by which he will use MLS data to analyze a list of similar properties in your neighborhood that have sold in the last 6 months or less. Historical sold data is a starting point but only tells you what buyers have been willing to pay for similar properties in your area. Another option is a sometimes costly appraisal…but even that is one person's opinion.  While you would expect it to be very close to your home's true value, only buyers will determine what they are willing to pay for your home.  

Gwen Janicki
Prudential Fox & Roach

  • July 27 2011
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Hi Rubaby,

I fully understand your concern.  Buyers are looking more and more to the internet to begin their home search and seeing a drastic difference from the list price to the zestimate will, at very least, raise some doubt in their mind.  

This is really just one of many obstacles home sellers are running into. You are competing with a newly built home, which in my opinion, were not built as well as homes much older.  But seem to command a more favorable price.

As realtors and home owners, we can't control outside factors which may deter a home buyer from viewing our homes.  But what we should be doing is marketing the home to handle the outside objections like these and to bring the focus on the best features and benefits the home has to offer. The internet won't do it for you, but you need a professional that can use today's technology to benefit you.

You and I both know, complaining about zestimates won't make them go away.  Sometimes you just got work your way through it.  If you have a good professional agent with a strong marketing plan, you'll be ready for these challenges.  
  • July 21 2011
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Dear Rubaby,
You have 2 options:
1. Hire an appraiser
2. Ask a trustworthy local real estate agent to give you a CMA (Comparable Market Analysis) by which he or she will access MLS data to pull and analyze a list of properties in your neighborhood that have sold in the last 3-6 months. Remember: The value of a property (or anything for that matter), when you really get down to it, is no more and no less than what an able buyer will pay for it. Historical SOLD data only tells us what buyers have recently been willing to pay for similar properties, but we hope that is an accurate predictor of what someone will be willing to pay for yours.
I hope that helps a little.
  • July 20 2011
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Profile picture for rubaby
I understand your answer, but I feel you present an unreliable source for the consumer and does an injustice to the selling public.  You reach a huge audience, and when potential buyers come to see my property, correctly or incorrectly, they quote you as a reliable source, which you don't claim to be, but the damage is done anyway.
  • July 20 2011
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Profile picture for wetdawgs
Welcome to Zillow.

Zillow calculates the Zestimate using data that are accessible to the public, so state that Zestimates are only a starting point for comparisons of properties and do no substitute for an appraisal and/or CMA.

It sounds like you've done a great job updating  your home, but while most of the features you describe would be noticed by an appraiser and used for calculating value they unfortunately aren't part of the Zestimate.  

  • July 20 2011
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