Value question

mcbuck4
Contributions:1

I would like to know why my home's zillow value is $45,000 less than my 2 neighbors hwhose homes are identical to mine, with their's having no upgrades./renovations as our does. My address is 15 Stewart Street, Franklin, MA and the other addresses are 7 and 15 Stewart Street, Franklin. This should be corrected immediately. Please advise!!!!

Flag content

May 12 2011 - Franklin

E-mail Share RSS

Answers (3)

shapiroamg
- 0.0/5.0
Contributions:3058

Here is a good quote from Rick Lipof who is an appraiser in Newton. This was from a Boston.com chat:

12:01

[Comment From TT: ]

How accurate are Zillow estimates?

Monday April 6, 2009 12:01 T

12:03

Rick Lipof:

Zillow estimates are not very accurate. Zillow works much better in other areas of the country where you have homogeneous housing stock, such as Florida and Texas where you may have 300 homes in an area comprised of 3 different styles. But here in the northeast you have a 1776 home next to a 1950's home next to a brand new home, and Zillow cannot figure it out.

Flag content

May 13 2011

Bob Tanski, "BobTanski"
- 0.0/5.0
- (no reviews)
Contributions:80

First off Zillow has no idea what you have for renovations or upgrades. They don't have people going door to door looking at the condition of peoples homes. These valuations are just generated by a computer program based on property records and recently sold properties in your area. This is why people hire local Realtors to help sell their homes. It is much easier for someone local to come take a look at your home, perform an in depth analysis of the local real estate market and come up with a sensible value for your home.

I would take the zestimate with a grain of salt. In fact if you look a little closer the zestimate is actually a price range and not a specific value.

I had a phone conversation with someone at Zillow about a year ago and they told me the New England was one of the toughest parts of the country to generate zestimates for properties due to the varied property types. It doesn't appear that your neighborhood should be that hard to provide values for so it is difficult to know exactly why the zestimates are different. Maybe you are getting a hit because you have a pool?

Flag content

May 12 2011

Pat Pribisko, "Pat Pribisko"
- 5.0/5.0
- (1 review)
Contributions:1426

Zillow readily admits that its Zestimates are merely estimates based only upon the latest available public information. Zillow does not make changes based upon request. You are only one of many people across the country who don't agree with the Zestimates Zillow has set for their homes.