Profile picture for user153948

How do you price homes? Mine is grossly under priced

RE: MLS #128435/6320 Interlocken Road, Hazelhurst WI....as OWNER of this house, wondering just how you came up with this price???  Cost to custom build was $415,000..didn't include 6 acres of land or any of the out buildings .  Need to read Real Estate  description.  ORIGINAL house burned to the ground in 2010 (thus the cheaper taxes for 2010) Have received a lot of negative comments because of your post.  Please advise....thank you
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August 15 2012 - Hazelhurst
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Profile picture for user153948
Dollar sign already there.  When I hit the "submit" says it's connecting...then the bar flashes in front of the dollar sign waiting like it's waiting for me to change it.  Also above that this appears "This estimate will be displayed on your home profile page in Charts & Data section."....waited a couple of days and so I tried again today...thus still not posted. 
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August 21 2012
Profile picture for wetdawgs
Did you try typing the price without the dollar symbol, such as:  425000 ?
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August 21 2012
Profile picture for user153948
Wetdawgs had the best response, HOWEVER...when trying to go in and post what I think the price should be and thoughts, it doesn't let me do it. Keeps requesting an actual price....$425,000 and my comment that I tried to type in "this house is a complete rebuild in 2011 after total destruction by fire, hence the sales and tax data Zillow are using are the house that was destroyed".  Even tried typing what the RE Agent listed the house at and it wouldn't take it.  Tried typing it with the comma, without it, with the decimal and without it. 
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August 21 2012
Profile picture for Dunes ..
You could try and figure out how this person got so lucky ;)

"I bought an apartment 2 months ago for $530,000 - it was appraised at $550,000 which was also the listing price. So far so good.
A month after I closed, the Zestimate was $526,000. Then $576,000 2 weeks later, then $626,000 and now $671,000."
Zestimate is getting silly
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August 15 2012
Profile picture for Neil R
Hi user153948 -

Wetdawgs is right. You can use the Owner's comment section to provide some information on the house. I see your agent had posted his comment. Also, Zestimate accuracy depends on the information that is available for use. Some counties provide all the data that we could hope for but some lacks information. You can go to this link to check our Data Coverage and Zestimate Accuracy.

Thank you.

Neil
Zillow Customer Support
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August 15 2012
Profile picture for wetdawgs
It appears your home is outside the calculation parameters for Zillow's AVM. and you need an appraisal or CMA done by a real live person who visits the home.      I don't believe they have a way to include rebuild data, but will flag your post for Zillow customer service.  

If I were you,  I'd put a comment in the owner estimate something like this:  "this house is a complete rebuild in 2011 after total destruction by fire, hence the sales and tax data Zillow are using are the house that was destroyed".    This sort of comment carries far more weight with the consumer than "Zestimate too low"
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August 15 2012
Profile picture for user153948
Unfortunately, there was no "sales price" from the builder so to speak.  The fire that happened in 2010 was a total loss.  House had to be rebuilt at replacement cost....thus the new custom home. The home that was destroyed by fire was a completely different house, so if comparisons are taken from the old house that was 10 years old.  Is there a way that the builder can submit to you something to help get your pricing where it should be. 
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August 15 2012
Profile picture for wetdawgs
Zillow's "What is a Zestimate?" describes the factors used in calculation of the Zestimate.    There are two things on your home details page that are likely to have skewed the Zestimate lower - the taxes of 2011 as well as there is no sales price showing for the rebuilt home.

Zillow's automated valuation model (AVMs) calculations are only as good as the public numbers they have available, and even in the best cases they present a range (for your house it is $61K – $449K).    AVMs are not capable of the fine tuning done by appraisers or agents who provide a CMA and who can customize the number for your house.

(I, nor the other poster, represent Zillow.)




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August 15 2012
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Looking at your other properties...this one is way off base....In comparisons you don't even come close....your not comparing apples to apples.  Even in the same area, your not even coming close?  How do you base your pricing?  Surely by not looking at what else is in the area. 
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August 15 2012
The only way to get a value of your home using current market comparisons is to hire an appraiser or work with a Realtor. The only guesstimates are just that and most do not take into consideration the market and the basic differences in a property i.e. new kitchens, upgrades etc.
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August 15 2012
 
Related Questions
How do you price homes? Mine is grossly under priced
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August 21 2012 | 10 answers
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