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Sudden drop in Zestimate??

Re: MLS #100069618
Can someone please explain why the sudden drop in the Zestimate price of this condo? Is it a mistake that this condo has a Zestimate of $177,400 compared to the sale price of $421,900? I am very interested in buying this condo but I am very confused as to why such a gap between the two prices. Please advise.

-Daniel
  • July 13 2011 - Miramar Ranch North
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Answers (1)

Please don't worry about a Zestimate, it isn't an official value, just an online tool for consumers. But it also confuses people, as you're seeing. This value will have no bearing on what you would offer for this condo, or what the seller would sell it for. Neither agents nor appraisers use Zestimates for real estate transactions because they just aren't accurate enough.

If you're considering making an offer, ask your agent to send you some comps of like properties that recently sold in the neighborhood. Your agent can walk you through these numbers and help you come up with a reasonable offer price.

In the last 3 1/2 months, seven 2 bedroom condos sold for between $279,900 and $442,000. The unit you're interested in would fall somewhere in between, using the most similar comps.

Let me know if you need any more help with this.

Regards,
Cory
  • July 13 2011
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