Profile picture for blwulff

What might have caused Zillow to adjust the value of our home 300% in less than 6 months?

Our home has been listed on the market since April 2010 with an asking price of $899,000.  Zillow increased its estimate for our 4-acre property from $437,000 in March 2010 to $1,280,000 in August 2010. Of course, we are pleased with Zillow's current estimate ($1,255,000) as it relates well with our original intent to list the property for no less than $1,200,000. We agreed to a substantially lower asking price due to the depressed market and advice from our real estate agent. Unfortunately, there are no reasonable comps in our area that can be used to help establish fair value. Over the past 13 years in my retirement as a registered architect, my wife and I have completely restored our house that is listed on the National Register of Historic Places. In addition to its historic significance, it is in excellent condition with high quality finishes, systems and appliances throughout. A detailed description of our property, known as Portland Manor, that might be useful in establishing fair value, is available at: web.me.com/blwulff/Portland_Manor/Welcome.html.

  • October 27 2010 - Lothian
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Answers (1)

Profile picture for MovewithMarci
Keep in mind Zillow is an estimate based on sales in the area etc. It calculated by a computer not a person so they do not take into consideration individual traits that may make a property unique and add value such as , historic registration etc An appraiser will most likely need to expand the comp search to value your property. Zillow is not an appraisal ad should not be used as such to establish value. If you are represented by an agent they have to be the one to help you understand the best pricing strategy for your property. If you are not represented feel free to email any other questions.

I hope this is helpful and makes you feel better.

Marci
  • October 27 2010
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