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WHAT IS THE DIFFERENCE IN THE LISTING PRICE VS YOUR ZESTIMATE?

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July 14 2011 - Prairie Grove
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Answers (4)

Profile picture for Pasadenan
"It all depends on the available data." -

And when you take the median of the "recently sold" and the median of the estimates, they should be in the same ballpark.  In other words, about the same amount of estimates in an area should be too high, as the number that are too low, and by similar magnitudes.
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July 14 2011
Profile picture for SoCal_Engr
Clarification on "listing price"...

The "listing price" is simply what the current owner is asking. It may or may not have any factual basis (i.e., market analysis, comps, etc.). It may simply reflect what the current owner "thinks" the house is worth. Or, it may reflect what the current owner needs to sell for.

Clarification on "Zestimate"...

A "Zestimate" may be higher or lower than actual market value. It all depends on the available data.
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July 14 2011
Halolee777,

Pasadenan gave an excellent answer & I thought I'd also respond to you question. A listing price is determined either by a seller or a licensed real estate agent that has researched comparable properties within the same vacinity.

"Zestimates" are generated by looking at sales, tax records or other generic data. Often times the zestimates are below actual market value. Finish details & updates are not taken in to account when the zestimates are calculated.
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July 14 2011
Profile picture for Pasadenan
Listing prices are "for sale" units offered by owners, either directly or through agents.

"estimates" are machine generated opinions of approximate market value using minimal public data only, modeled to "recent sales" of properties in the local area.

They have almost nothing in common.  The estimates are not to be used for pricing nor for offers nor for loan criterion, no for tax rates, nor for needed insurance... but are only starting points for comparison and further analysis.  The estimates are used for generating median value trends of the local markets.

The estimates do not factor in such issues as noise, traffic, views, maintenance condition, remodels, historic districts, zoning, and numerous other things.  They are not "appraisals".
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July 14 2011
 
Related Questions
WHAT IS THE DIFFERENCE IN THE LISTING PRICE VS YOUR ZESTIMATE?
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July 14 2011 | 4 answers
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