Replies (3)
- sunnyview
- Contributions:26843
I saw your question and I wanted to help, but honestly Zestimates have a lot of different moving parts so really Zillow is the only one who knows them all and how they effect the numbers. As a site user, I can only tell you what I have seen in the local areas that I follow.
Most often when I see houses change in price when other don't it is because of a few different things. The Zestimate can be affected by the trend for the area when the house was purchased. If you bought when the market was higher and your neighbors were long term or very short term owners, that might be part of it. If the assessed value changed or the taxes changed, that can affect the Zestimate. It did for my house when I appealed my taxes anyway.
It can also be affected by recent sales similar to your house that make Zillow think that the median for the area is changing. Usually, the value range for similar houses overlap heavily, but the Zesitmate is not an appraisal so if you want up to date value information your best source is an agent who can hand pick comps. Zillow can't do that.
Most often when I see houses change in price when other don't it is because of a few different things. The Zestimate can be affected by the trend for the area when the house was purchased. If you bought when the market was higher and your neighbors were long term or very short term owners, that might be part of it. If the assessed value changed or the taxes changed, that can affect the Zestimate. It did for my house when I appealed my taxes anyway.
It can also be affected by recent sales similar to your house that make Zillow think that the median for the area is changing. Usually, the value range for similar houses overlap heavily, but the Zesitmate is not an appraisal so if you want up to date value information your best source is an agent who can hand pick comps. Zillow can't do that.
- Everard Korthals, "Everard Korthals"
- Contributions:73
Zillow is just a way to get some idea of the price.Their value can be close or way off, depending on their sources.
Do not use this value as a guide for buying and selling.
You will need an appraiser or an experienced real estate agent to give you a more precise opinion of the value.
Do not use this value as a guide for buying and selling.
You will need an appraiser or an experienced real estate agent to give you a more precise opinion of the value.
- Cindy Quinton, "Cindy Quinton"
- Contributions:2444
I've been watching the zestimates in my area carefully the last few weeks and while virtually everything has inched down, a couple of houses have increased sharply, like 30%.
Property value
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.