Profile picture for lac3513

If I provide the sale price of my home will my zestimate change?

  • August 21 2011 - Tijeras
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (5)

Profile picture for the_country_hick
Many years ago before the real estate bubble was even thought of a person bought a house in a town near me. They overpaid by about $100,000. The town was aware of the sales price. The assessor looked at it. Instead of increasing the assessed value (and collecting more taxes) they decided the person overpaid and left the value alone at $100,000 under purchase price. A few years later the house sold again for about $100,000 less than was overpaid for it.

The moral of this (true) story is that what someone pays for a house (or anything else) is not necessarily related to the real value of what was bought and (over) paid for.

Time has also brought down prices in most if not all of the country since 2008. Prices are not comparable to that time at this time.
  • August 22 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for FranklyRealty
Yes it will use user added content, but only to a small degree. They are very skeptical of user added data, so it won't likely move much. 
  • August 22 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for New_Englander
It seems to me that you bought closer to the top of the market, and today, your house would sell for much less.  I don't put any stock in the Zestimate, but I can't imagine that a 3+ year old sale price would greatly increase your Zestimate when the market is completely different now.  Just take a look at the many houses which DO have previous sale prices listed, and which have Zestimates way below the most recent sale price.  I think the Zestimate is based on basic info. about the house, as well as recent sales in the area.
  • August 22 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lac3513
I bought the house in New Mexico in 2008.  Zillow has the date of the sale correct, but no price is listed.  New Mexico is a partial reporting state so I do not think Zillow has access to the information.  The zestimate on my house is low, in my opinion.  I think that comes from not having the sale price of the house as a data point.  Please advise.
  • August 22 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Sharon Lewis
No, it won't , sorry. 
Zillow bases their guesstimates on public data. Did you home sell? If so that new data will be reflected here at some point, could take a few weeks though.
If its 'for sale' it means nothing, its basically the same as a stock market price, someone is asking for this amount and the buyer is willing to pay less , this amount....ok?
here is a link that explains Zillows pricing. Hope this helps you
What is a Zestimate?.
Sharon
North Carolina
  • August 22 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.