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How is the Zestimate achieved?

Homes in my development are selling at $100K more than my estimate and my neighbors are estimated at close to those amounts.... why is mine so much lower.
2101 Keystone Dr., 19440
  • March 02 2011 - Hatfield Township
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Answers (4)

Follow Zillow's map, your home is probably worth more than $600K.

http://homesand.net/Quick ... 440?Map=1
  • March 02 2011
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Profile picture for Dunes....
You will learn a lot and find links to even more info if you check out this Zillow FAQ/Article...What is a Zestimate?

How do we come up with the Zestimate?

We compute this figure by taking zillions of data points - much of this data is public - and entering them into a formula. This formula is built using what our statisticians call "a proprietary algorithm" - big words for "secret formula."  Currently, we have data on 100 million homes on Zillow and calculate a Zestimate on 72 million of those homes.

What's in this formula?

One eye of newt ... Actually, it's less wizardry than mathematics. When our statisticians developed the model to determine home values, they explored how homes in certain areas were similar (i.e., number of bedrooms and baths, and a myriad of other details) and then looked at the relationships between actual sale prices and those home details. These relationships form a pattern, and they used that pattern to develop a model to estimate a market value for a home.
  • March 02 2011
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Profile picture for wetdawgs
Your home is in a very new subdivision, hence harder to get excellent comps.   If yours is not comparable with your neighbors', check to makes sure all the facts are accurate (if not, correct them) and scan the comps being used.
  • March 02 2011
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To get an accurate assement of value for your home it's best to contact a locla Realtor and ask them for a CMA on your home. This will be based on your local area and be much more accurate.
  • March 02 2011
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