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David Gibbons

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How to you come up with the bizarre estimates that you do?

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murphdog

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the house across the street from me sold for $570,000 in March of 2008.  I thas the same square footage, number of rooms and bathrooms as my house, yet my home has a larger lot.  YET, you say my home is worth $488,000.  How can that be?  What kind of screwed up formula do you use to arrive at your estimated appraisals, when they're inconsistent with the surrounding sales?
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February 03 - Valencia
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Linda Slocum, "SantaClaritaRE"

Valencia Santa Clarita CA

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There are a few reasons why your home could be showing a different estimate than the last home was sold in your neighborhood.

1. The home you are referencing was sold almost a year ago, so that sales price is no longer reflecting current market conditions.

2. The estimates on Zillow are calculated based on automated information, and are meant as a starting point. They are calculated based on data from the County Recorder, using homes with similar characteristics in a geographic area. They cannot determine whether your house has more upgrades, a better location, or is in a more affluent development from the comparable homes provided.

3. In Los Angeles County, the County Recorder's Office is notoriously inconsistent with the timing and accuracy of its electronic data regarding home sales. Home sales data may be available online in a week after closing, or it still may be absent two years from now. It may show the actual sales price, or it may have the wrong price due to clerical errors.

If you want accurate comps for your home, it's best to contact a qualified Realtor who is familiar with your area. Please feel to contact me if you want more info... you can reach me at 661.670.0349.

Linda
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February 06
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sunnyview

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From what I have seen, these differences often come from the sales price paid and from differences in the assessed value. Both of these things can cause a Zestimate to be lower/higher even when the houses are very similar. Zillow cannot do anything about that other than to provide a range along with the Zestimate to try to account for these differences. Zestimate are not appraisals so I would think that the recent sale of a very similar house in your neighborhood would give you a very good idea about what your might be worth if you went to sell it.
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February 03
 

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