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How homes are estimated?

How can a 4beds/2baths house built in 1949 with 2 detached garage be estimated less than a 2beds/1bath house built in 1944 with 1 garage?  Both these properties are in Richmond, CA. Thank you for your response!
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June 04 2010 - Richmond
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Answers (5)

It is a real challenge to come up with reasonable estimates based on number of bedrooms and square footage per public records because oftentimes, property owners expand and renovate but don't bother having the public records change to reflect the expansion..

If the changes are not reflected on public records. then Zillow and other estimators have no way of knowing that one house is bigger than the other.

If you are the owner of any one of these properties, you should CLAIM your property on Zillow so that you can enter information (and even pictures) of the improvements you've made.

Remember that Zillow is merely a resource, but not THE resource when estimating market value. A realtor or an appraiser may be able to provide an assessment of market value upon close review of the area and inspection of the property itself.
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June 04 2010
Hello,

You can get any Realtor to run general comps for you at no cost.  If you have the exact addresss for both properties, I can provide those for you right away.  Good luck :)

Kamal Randhawa
Broker
510-932-1066
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June 04 2010
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Both properties are next to each other. The 4/2 has upgrades within the last 5 years. The 2/1 is a rental and no upgrades. How does one request that zillow re-assest the value? Thanks!
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June 04 2010
Hello,

This is a good question. Each home is assest by it's land value (based on the loacation) and it's improvement value (which is the actual house). Land values flucuate depending on the area. This 2 Bedroom/1 Bath has half the number of bedrooms and baths but it's land value could be greater depending on the area in Richmond. So the 2 Bedroom/ 1 Bath could have an overall greater value because of the land value.

Hope that helps,

Reine Horn
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June 04 2010
With an older home there is going to be additional concerns, such as, size of rooms, if any up dates have been done, where the up dates permitted. If the 2bd/1 bath has been updated, has a larger yard, and is in a better location people will be willing to pay more.
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June 04 2010
 
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