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Where does Zillow get these prices? In our neighborhood the home prices are a bit out of whack.

Our house is priced by Zillow to be the next to lowest in our neighborhood but that is not near the truth.  How does Zillow calculate values?
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August 04 2013 - Owasso
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Thanks.  I knew they were way off in pricing.
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August 05 2013
Option 1:  They have the zestimate fairy fly over the neighborhood and waive their zestimator over the land and whooof, in a cloud of smoke your zestimate is made.

Option 2:  They take a half mile to mile radius and average the $/sqft from the the county records.
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August 05 2013
The biggest problem with the Zestimate calculation is that it does not separate your neighborhood from others around you are group similar homes together. Zillow claims to be accurate in the majority of situations buy I have seen grossly understated and overstated values so it is not a good measurement. If you want to know a true estimate of you homes value you should contact a Realtor to do a detailed market analysis. We look at the market data of comparables in your area to determine the value.
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August 04 2013
It is a top secret algorithm.  Only Zillow top brass knows the true calculation methods.  We always tell others to use the "Zestimate" as a guide, and not a true representation of appraisal or local market values.  To get a better assessment of values in your area, contact a local REALTOR and allow them to provide you with a market analysis, (CMA). Most REALTORS will provide the information at no charge.

Best wishes for Fall 2013!
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August 04 2013
 
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