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How does Zillow price value of homes?

For the last 2 years I have been watching the value of my home going up %2to %3 gradually. One of the latest reports showed my Duplex value at $465,500 I had just signed with a realistate man Mark Foley. He had an offer first day for $324,000 of course  I said no since after all the fee's,taxes etc. I would have nothing since I owe $289,000. I sent him a link to Zillow which he said he never looked at and to show him that I wanted at least $400,000 if the value was possible to be what you had said. I realize it is suggested value, but the next few days I received a new value on my house that said it had gone down to $349,000 I want to know if that realistate guy had anything to do with that. Because I just read another review and they said that the houses in Seattle have gone up %16 in values, and that there were a scarce amount of homes on the market. Please let me know how your estimate went down over $130,000 dollars? If that is possible that he made that influence on your website I really want to know? He may not be the realistate guy with my best interest in mind?

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March 01 - Greenwood
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Answers (1)

Zillow uses a computer generated program that uses area sales and government assessed values...to draw a conclusion regarding price.

This can lead to wildly valued properties, much to the chagrin to those of us that accurately price properties through extensive research and overall market knowledge. 

For example, my personal residence has been valued within the last year, by Zillow, at anywhere between $273,000 all the way up the $475,000.  This is the same home, unchanged throughout the year.  Furthermore, a refinance appraisal by a licensed appraiser valued this same property at $615,000.  And then we have my opinion, which would place my property's market value in the $500-$550,000 range.  And I have extensive experience in that market.

Those of us in the real estate industry can usually parse through these types of Zillow inaccuracies, but the general public may not enjoy this advantage.  To rely upon Zillow's Zestimates, therefore, one must keep in mind the overall big picture, and take these values with a grain of salt.  Zillow does not take into account any features, intrinsic or otherwise, whereas a human perspective will take into account many of the features and location advantages (or disadvantages) that more accurately prices any given property.

To conclude, your best estimate of value will come from an experienced (in the particular market) realty broker or appraiser, not a computer generated valuing model.
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March 03
 
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