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Answers (3)
- Pasadenan
- Contributions:21466
Indiana is a "non-disclosure" state. That means that there is no public records data on the amount that the houses actually sold for. Thus Zillow models to "listing price" in the area instead.
There are lots of factors that affect the listing price data that agents post on the site.
And certainly large discrepancies in the posted lot sizes don't help the modeling any. You can correct your lot size, but if the listing properties being modeled to have substantially different lot size, it will affect the estimates.
You might check with some Realtors regarding some CMA's, as the Realtors have access to the Multiple Listings for the sold prices of properties that sold through the local Multiple Listing Service.
As it is a non-disclosure State, many websites that provide approximate value opinions do not even attempt to provide an opinion.
It is not clear where Zillow got the last sold price for the specific property as it should not be published in the county records. Perhaps a developer provided it?
Zillow only shows 3 "recently sold" (12 months) in that Zip code with a "search".
There are lots of factors that affect the listing price data that agents post on the site.
And certainly large discrepancies in the posted lot sizes don't help the modeling any. You can correct your lot size, but if the listing properties being modeled to have substantially different lot size, it will affect the estimates.
You might check with some Realtors regarding some CMA's, as the Realtors have access to the Multiple Listings for the sold prices of properties that sold through the local Multiple Listing Service.
As it is a non-disclosure State, many websites that provide approximate value opinions do not even attempt to provide an opinion.
It is not clear where Zillow got the last sold price for the specific property as it should not be published in the county records. Perhaps a developer provided it?
Zillow only shows 3 "recently sold" (12 months) in that Zip code with a "search".
An excellent example that zestimates are inaccurate. Looks like most homes in the neighborhood has a roller coaster curve zestimate with increases and decreases that are beyond comprehension. No doubt there will be some people in denial and tell me I don't understand that zestimates are just a starting point etc.
Fair play to wetdawgs for flagging and accepting it makes no sense.
Fair play to wetdawgs for flagging and accepting it makes no sense.
- wetdawgs
- Contributions:26837
That is indeed strange. I'll flag your post, perhaps Zillow will put it on their pile of "Zestimate crazies" for investigation. The other strange feature is every house in the neighborhood shows that it has lot sizes between 50 and 150 acres (which clearly isn't so from the satellite view). (Is your lot size 76.58 acres - that is bigger than the entire subdivision).
Question re: significant (apparent) decline in home value unsupported by reality locally
Greg Eigner
[contact information removed by Zillow moderator]
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