Profile picture for mamalama1954

In a development where units are almost exactly alike, why do you use comps from outside

Our development, Summit Enclave, has 3 bldg styles: Court homes(good quality), Townhomes(better), Ranch Duplexes (best quality).  The Duplexes cost, and still sell for, more than the other types of units, but Zillow always uses the other units and old homes outside of the development as comps, resulting in inaccurate valuations.  There are only 2 models of duplexes, one having 150 s/f more than the other.  There are 86 of these units.  The fairest (and easiest) valuation is to use sales/ for sales figures of these units to establish a more accurate valuation.  The most recent sales of these units have been $164,000, $145,000, $154,000, but Zillow's valuation is in the low 130s. Please explain
  • August 06 2011 - Dekalb
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Answers (1)

Profile picture for AndyLinss

As far as I understand it, Zillow does not do any research on specific subdivisions in order to come up with the Zestimate.  It has global algorithms that are proprietary (and secret) to try to guesstimate the value of homes based on a lot of parameters, many of which are related to TAX data.  Therefore your specific knowledge of the subdivision is better than anything Zillow can estimate.  There is a disclaimer and explanation on each page where a Zestimate appears. I found the accuracy chart to be particularly interesting because it shows how often they are within 20% of a sale price, but that means that (for my area) a full 30% of the time, they are off by more than 20%.  Your best bet is a Realtor to get an accurate estimate of your home's value.

  • August 06 2011
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