I have a 4bd/2bth home. Next door home is 2bd/1 bth. My home is worth 188k

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And the 2 bd/1bth next door is worth 200k. How in the hell do you guys figure. Your zestimates are flawed. SERIOUSLY!!!!
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February 09 - Havenscourt
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Answers (1)

As I understand it, Zillow uses sale data as a guide to value for individual homes, among other data sources. So a home that is twice the size of its neighbor can be priced lower simply because of the price of each home at the time of sale. If you bought your home a while ago, or bought when prices were low, your home's "starting value" might have been less than your smaller neighboring home (which may have been bought at the top of the market). I believe Zillow tries to correct for some variance, and applies neighborhood-wide price adjustments as the real estate market goes up and down. The key, however, is that Zillow will not provide the precise market value of your home, and can sometimes be way off. A real estate agent is the person who can give you the actual market value. Zillow looks at markets with a broader brush than realtors - who will be able to see and value your home's unique assets (views, upgrades) and will not be referring to past sales data in their evaluation. They'll be comparing your home today with comparable neighborhood home prices from sales within the same period of time. On the bright side, any buyers who consider purchasing your home will also be working with a realtor, who will show them the correct value of your home, so Zillow's posted approximate value won't damage the actual sale price you'll get for the house. If you're thinking of selling soon, I wish you the best of luck and a great, high sale price!
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February 10
 

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