Profile picture for oggy

Valuation

How can your valuation be so far off?  I refer to 9345 Fauntleroy Way SW Unit H Seattle, Wa.  Zillow has raised the valuation by over 6 million in the last 30 days.  The house in question is worth 4 million tops. Is this Realtor induced?  Regards,  Jon
  • July 27 2012 - Fauntleroy
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Answers (6)

Profile picture for widob
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  • February 22 2013
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Profile picture for ddodge3904
i looked at that house and valued it at 850,000 tops in this economy my buyer said he will pay 850,000 rubees
  • December 28 2012
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The zestimate is not an exact science, you should look at the sales records that Zillow provides and compare the home in question to the other similar sales in the area that have sold within the last few months. Remeber Zillow is a software program, and the metrics it uses to determine a value for every house in america might not be specific enough for the area you are in.

  • July 28 2012
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Profile picture for nwhome.us
Seeing that Patricia doesn't even have a profile on Zillow, I'd rule out "Realtor induced."
What comparables are you using to arrive at your own $4 M estimate of value?
As Wetdawgs points out, AVMs are close to worthless when it comes to unique properties. There are so few of them that there is no point in wasting time attempting to generate an algorithm that calculates the estimate.
  • July 27 2012
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Profile picture for wetdawgs
The square footage shown on the home seem to have been edited to increase it by about 50% (although that new number doesn't agree with the King Co assessor's number)    It is possible the agent edited the square footage to add areas that aren't normally counted.    (I always check "more facts" to see the difference in public facts (what the assessor says) vs "combined facts" (what the seller says).

I don't see any reason for a list price almost 6x the tax assessed value, perhaps it is sitting on a gold mine and diamond mine.

Zestimates tend to work best for homes that aren't quite unique, and 2+ acres in Fauntleroy is not a normal property.
  • July 27 2012
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You will only know how much a home is worth if and when you sell it, not before. I really would not worry about a free online guess......
  • July 27 2012
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