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My house is valued at $97/sq ft, comparable houses are valued at $125/sq ft, why?

When the algorithm changed, the value of my house went down about $100,000, from $$125/sq ft to $97/sq ft, why?  This is not accurate.  My house has been updated more recently and is in bbetter shape than most the houses it is compared to.  203 Hazel Blvd., Tulsa, Ok
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July 27 2011 - Maple Ridge
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Answers (5)

Sarah, The average selling price in the past 6 months in Sunset Terrace is 136 your home is 3536 Sq ft and would have a value of 510K. If you would like to see the numbers I would be glad to show them to you.
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July 29 2011
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It looks as if you did some edits a few days ago.  Was that when you added the square footage of the basement?  If so, one thing that happens immediately is the $/square foot value recalculates to show the old Zestimate/new square feet.   

It takes a few weeks to a few months to get a new Zestimate.  

(Basements tends to have a considerably lower value per square foot than above grade areas, and in most areas are called out separately.  For example, we once had a 2000 square foot house with a 1000 square foot basement, but the house was not advertised as a 3000 square foot house).

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July 27 2011
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Thank you for the responses.  We have updated the incorrect info. already.  It does not make sense for all the comparable houses to be valued at $125 up, and our house to be valued at $97.  I believe there is a bust in Zillow's algorithm, or they are using the incorrect court house square footage.  If they are using the incorrect square footage, how do you get them to correct it?  We have corrected it on their site.
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July 27 2011
The zestimate is a guide and not the rule. We never let Zestimates or county "market value" dictate pricing for an area. The market and appraisals determine what an area can bear to spend, (when financed). In 2-3 weeks, you may be right back $125/ft or better.

Best of luck!
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July 27 2011
Greetings Homeowner,

I believe that Zillow reviews sales in the area within a certain amount of time. IF those sales are now outside the scope they will use the most recent sales. I was looking at your address and saw that the values in your neighborhood vary significantly from one house to another. For example your next door neighbors house is valued $260,000 more than yours for an extra 900 square ft and the house three houses from you has about the same square footage as yours but it's value is $500,000 more.
Square footage does not have a lot to do with the value of the house, that is a common misconception among homeowners.
You may want to add some of your own comments about your house and some improvement dollars that you think are important.
Also click on learn more about the June 13th changes and you will see this writing:
What user-submitted facts can affect the Zestimate?
Updating facts like the number of bedrooms and bathrooms in your home, or the square footage, may affect your Zestimate.

Good Luck,

Andi
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July 27 2011
 
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My house is valued at $97/sq ft, comparable houses are valued at $125/sq ft, why?
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