When the Zestimate is WAY Too Low how does this get corrected?

A community of twenty-four brand new homes built in 2007 through 2009 have never been resold, and as such have no neighborhood comparisons to date.  Zillow however has values that are $60,000 less than what was paid just a few years ago.

Obviously unless you live off the planet we all know that Real Estate values are down, but without a supportive comp what arbritary bull crap is this?

Are the comps from another subvidision miles down the road based upon Older homes?
 
Is subjective values from Zillow helping keep prices low?  I wonder if the local Real Estate tax auditor will reduce taxes based upon a zestimate?

Bruce Wingfield
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July 05 2010 - Westerville
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Sorry my question on whether a tax auditor would use zestimate was purely in jest and to make a point. Obvious answer is no. The point is that looking for comps in another subdivision that are older homes violates the basic rules of underwriting in my opinion and further depress housing values in general.
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July 05 2010
Profile picture for wetdawgs
Bruce:

Welcome to Zillow.

Please be aware that as a professional, each and every post you make on Zillow is there for posterity.  Should I be looking for an agent, I would read their posting history on Zillow and use it as part of my decision making process.
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July 05 2010
Profile picture for sunnyview
I understand. Unfortunately, appraisers would also use any available recently sold houses whether they were in the same subdivision or not with only a small adjustment for age of structure. It does not help that Franklin County unemployment here has been rising over the last several years. When employment stabilizes, I would think the housing prices would too. Right now, bank instability, HVCC, a slowing economy, unemployment and changes in basic lending standards have pushed values lower in many areas without any help from Zillow.
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July 05 2010
Profile picture for sunnyview
Your market here looks like it has been dropping since 2007 so it is possible that your prices are lower than they were a few years ago. Your market like many others across the country seems to have benefitted from the buyers tax credit, but may drop further depending on other local factors such as housing supply and employment. Zestimates are not appraisals so tax assessors will generally not use them to lower your taxes. However, you can use comps and recently sold houses available on Zillow to appeal successfully if your market has dropped.
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July 05 2010
 
Related Questions
When the Zestimate is WAY Too Low how does this get corrected?
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Latest answer by wetdawgs
July 05 2010 | 4 answers
  • Asked by Bruce Wingfield
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  • July 05 2010
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