Profile picture for tatee79

My home value for 503 Ingalls Road in Windham, VT is unreasonably low

Hello -

I am the owner of 503 Ingalls Road in Windham, VT.  We bought it for $500k in July 2010, and the appraiser valued it at that time at $525,000.  Just a few months ago, Zillow had it estimated as high as $549,000 (or something like that).  There is NO way that it should be valued as low as it currently is - in the $270's.  Absolutely ridiculous.  If you are using the home that is for sale on our same street, that is not a good comp, because we have 65 acres on our property - they only have 20 or so acres.  Property size is a huge factor in pricing up in VT.  You need to use acreage comps for a valid pricing. 

Please update your comps and let me know what you come up with, and change that Zestimate asap.  Feel free to call me to discuss.  Thank you.
  • January 12 2012 - Londonderry
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Answers (2)

Profile picture for JimVT
There are 3 things that are skewing the Zestimate on your property.
1. Vermont is a rural town that uses town clerks for property records. There is no county system for the land records and most are not in the position to disseminate the information via electronic format to the data companies. This is very different from a good portion of the country and means that Zillow is not able to get that portion of the information from the town records.
2. While the values in this part of Vermont have stayed strong, the market has been sluggish. This means that Zillow is not getting enough data from transactions to give an accurate picture with their logarithm. There have only been 6 closings in Windham in the last year and none of them compare to your property as far as the GLA, condition and acreage go. Also, with so few closings, active listings have stronger influence on values, meaning that values for properties like yours are going to be priced lower to stand out from the other listings and keep the time on market down.
3. Agents and agencies in the NNEREN MLS system are able to opt out of sending listing data to sites like Zillow and many do. So, even if there are more sales or listings that would support a higher value, they may not be available for Zillow's logarithm to factor. Even if you were to claim the property and update all of the information on Zillow, there is simply not enough data for them to create an accurate value.

The reality of the situation for this area of Vermont and New Hampshire is that the Zestimate tool does more harm than good for both Buyers and Sellers. Buyers do their research on a property based on incomplete and inaccurate information. Sellers lose potential Buyers as they skip viewings on properties the Zestimate tool has deemed to be overpriced.

I hope that helps.
  • January 13 2012
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Hi tatee 79,Don't worry, Zillow is just a fun online estimation tool using only online information gathered and not to be taken in any way as market value. The best way to adjust your estimate is to claim the home and update the property facts. You can add alot of information and you can even add your sales price and I believe your appraisal. They do not manually adjust the Zestimates. After you claim your property and adjust the home facts you may see an increase but it won't be overnight it may take a month to adjust. Remember this is a broad based site for the entire US so it cannot take into account certain areas distinct value features like what we see in our area in Vermont.
  • January 12 2012
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