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Answers (5)
- hpvanc
- Contributions:2577
NM is a non-disclosure state which means Zillow has limited access to sales prices. Zestimates in non-disclosure states are going to be less accurate since they have to try to extrapolate them from other tax information.
I also see only one similar sale listed for your house on Zillow. Whether that is a true reflection of your market, or simply due to the lack of data due to NM non-disclosure laws I do not know, but if it is a true reflection of the market agents don't have enough information to get an accurate CMA, and appraisers will be in the same boat when they appraise it for a buyers lender.
You have also opted to list at $10K above the CMA estimates that you have received from agents. I hate to burst your bubble, but real estate agent CMA's have developed a reputation since the collapse of the real estate bubble as being overly optimistic. Agents too are complaining loudly about AVM's and buyers, sellers and agents are complaining about conservative appraisals for lenders that are even lower than the AVM's. The market has not been healthy for sometime, and it is yet to find its equilibrium. The Zestimate that you are complaining about and other AVM's are lagging indicators, and may actually be slowing the markets ability to find its equilibrium, which if that theory is true, it is helping sellers willing to sell at prices that are still inflated but sellers that purchased in the bubble find ridiculously low.
Good luck.
I also see only one similar sale listed for your house on Zillow. Whether that is a true reflection of your market, or simply due to the lack of data due to NM non-disclosure laws I do not know, but if it is a true reflection of the market agents don't have enough information to get an accurate CMA, and appraisers will be in the same boat when they appraise it for a buyers lender.
You have also opted to list at $10K above the CMA estimates that you have received from agents. I hate to burst your bubble, but real estate agent CMA's have developed a reputation since the collapse of the real estate bubble as being overly optimistic. Agents too are complaining loudly about AVM's and buyers, sellers and agents are complaining about conservative appraisals for lenders that are even lower than the AVM's. The market has not been healthy for sometime, and it is yet to find its equilibrium. The Zestimate that you are complaining about and other AVM's are lagging indicators, and may actually be slowing the markets ability to find its equilibrium, which if that theory is true, it is helping sellers willing to sell at prices that are still inflated but sellers that purchased in the bubble find ridiculously low.
Good luck.
- sunnyview
- Contributions:25139
Zillow answers most of their questions here on the board in Advice, but I think that there may be some confusion. The list of comparable sales on your home page are not specific and are only sales that have occurred in your nearby area. Some of them may be comps, but most of them are not due to differences in sales price or bed/bath count or square footage.
Zillow is not an appraisal site. They cannot see you house and rely on numbers and sales trends to create estimates only. They also provide a range of values to try to account for differences that they cannot see, but it is still far from perfect or a market price.
Zillow is not an appraisal site. They cannot see you house and rely on numbers and sales trends to create estimates only. They also provide a range of values to try to account for differences that they cannot see, but it is still far from perfect or a market price.
- Annie Snow, "RuidosoAnnie"
- Contributions:85
Maybe a call to the main office would help;
in Seattle the Customer Service number is 206-470-7000.
in Seattle the Customer Service number is 206-470-7000.
- southwest123
- Contributions:19
But it is unreasonable and very easy to tell the difference between a vacant lot and a single family home. The computer program used should be able to see the difference. How do you get this resolved when Zillow doesn't answer?
- sunnyview
- Contributions:25139
I think Zillow may have replied to an earlier question you asked here, but I do not know if you saw that reply. Sometimes they drop off the board quickly.
Zillow gets recent sales from a company that collects them from local recorders and assessors offices. There is more information on the Zestimate here that might help explain. Zillow does not appraise property or set listing prices. The free market will decide how much to offer and most buyers don't give much weight to estimates when they can see what your house has to offer for themselves in person.
Zillow gets recent sales from a company that collects them from local recorders and assessors offices. There is more information on the Zestimate here that might help explain. Zillow does not appraise property or set listing prices. The free market will decide how much to offer and most buyers don't give much weight to estimates when they can see what your house has to offer for themselves in person.
How do you get your comparables?
You now are comparing our single family home to a vacant lot. And then you duplicated it at $30,000 four times. You are a farce and I want an immediate removal from zillow unless you correct your estimate problems. Even the Realtors have the estimate of $169,000 to $179,000. You are out of line and have the potential to be sued if you do not remove us immediately or correct this. You are definitely hampering home sales if this is what you are doing to others.
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