Profile picture for ledano

What trained monkey prices these homes? My house is so undervalued here it's not funny.

  • May 26 2010 - Cumberland Hill
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Answers (9)

Best Answer

That's a huge assumption that the monkey had training.
  • May 26 2010
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ha - thats what every client says when I hand them their appraisal....its just a sign of the times...
  • June 13 2010
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Profile picture for Doug___W
Did you review the basic Zillow data on your house like square footage, # or rooms, acreage?  Maybe a mistake there is throwing it way off. You can update these things.
  • June 13 2010
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You mus tkeep in mind that the "zestimate" is just that ... an estimate.  The tru value of your home can only be made by a Realtor that has an expertise in the area of your property or an appraiser.  The value of your "zestimate" can be hugely clouded by foreclosures and short sales.  If you are thinking about selling contact an agent after reviewing some profiles and see what they have to say.  If you aren't thinking about selling, I would try to not let the value here bother you.
  • June 10 2010
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Profile picture for HousePoorAmerica

POP goes the bubble

  • May 26 2010
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Ultimately the marketplace will decide the price of any home which is what a willing buyer and willing seller can agree on in terms of price and condition for repairs, mortgage financing, contingencies, etc.
  • May 26 2010
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hi, i know it's upsetting when you see some of the home values but they are just that zillow estimates & depending on the recent data they have they're off many times.  It also depends upon foreclosures in your surrounding area that could be impacting the sold data.
Besides a realtor giving you a fair market appraisal for your home, an independent appraiser can give you the worth in terms of a bank lending on your home.  Remember unless your house appraises for the sale price based upon the bank appraisal, you won't sell your home unless you lower the price.
Hope this was a help...ginny

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  • May 26 2010
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Hi - good morning.

Please do not be to concerned regarding the Zestimate as you are not the only individual to have this initial reaction. The number is simply a loose / approximate - and typically there is a wider value range that is stipulated underneath the Zestimate that suggests a sliding scale of value.

As you are aware - there are many variables involved that reflect the adjustments in value of your property.
A site visit to review your property and what it offers (updating, etc.) will provide the insight necessary in order to accurately formulate a (CMA) Comparative Market Analysis and determine a true market value.

Also; when you do decide to list the property on the market - I believe the Zestimate can / will be adjusted accordingly.

Hope this provides a clearer understanding.

Please feel free to contact me with any further questions.

Have an excellent day and enjoy the warm weather..!

Best,

Josh


 
  • May 26 2010
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I wouldn't worry about it.  If you're planning to sell, you likely have the option to overwrite the Zestimate with your asking price.  Zillow is not an appraisal and does not accurately reflect the value of most homes.  Zillow freely admits that they have a margin for error, which in some cases is as much as 20% off of what a home might sell for.  Also, they've never actually been in your home.
  • May 26 2010
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