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Answers (2)
- droopyd
- Contributions:403
That's the oddness in the calculations. Identical houses that sell for different prices wind up with different estimates, even though they should be appraised (and sell for) the same amount.
Same thing happens when a house was last sold 20+ years ago and the identical house next door sold yesterday for a much higher amount. The house without the recent sale has a lower estimate. (I suspect this is based more on the difference in tax assessments.)
Same thing happens when a house was last sold 20+ years ago and the identical house next door sold yesterday for a much higher amount. The house without the recent sale has a lower estimate. (I suspect this is based more on the difference in tax assessments.)
- wetdawgs
- Contributions:26854
There are probably two numbers in the public data that are making your Zestimate lower than your neighbor's. Here's a link to a post by Zillow on the subject.
Tax assessment: your neighbor's tax assessment is 10% higher than yours.
Sales price: you purchased in 2/2006 for $363k
Your neighbor's house sold in 10/2006 for $405 k, about 10% higher. (And then it sold again a few months later for even more).
However, if a lender is making a decision on Zestimates, show them the section in the Zestimate FAQ showing that against the terms of use for Zestimate. You can request an appraisal (which you pay for). I'd only do it if you are confident that the appraised value will support your position.
Tax assessment: your neighbor's tax assessment is 10% higher than yours.
Sales price: you purchased in 2/2006 for $363k
Your neighbor's house sold in 10/2006 for $405 k, about 10% higher. (And then it sold again a few months later for even more).
However, if a lender is making a decision on Zestimates, show them the section in the Zestimate FAQ showing that against the terms of use for Zestimate. You can request an appraisal (which you pay for). I'd only do it if you are confident that the appraised value will support your position.
Unfair zestimate
How do I get this resolved because many people will take the price as reference. I spoke to a mortgage broker yesterday to refinance my house and mortgage broker looked at zillow first to find my home price. So I think showing an unfair zestimate about my house is causing trouble to me. My house price is shown as $323K and my neighbors house is shown as $350. My house price should be at least same as my neighbor's house if not better. Mt address is 2620 Bent Creek Dr, Cumming, GA 30041.
I need an advice on getting the zestimate corrected or if not do not display the wrong value for my house. Need to know how to contact zillow to get this resolved.
Thanks
Srinivasa Tummalapalli
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