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Replies (5)
- erparadise
- Contributions:2
My neighborhood in 92024 has consistently been over valued by Zillow. Even houses that have sold within a few months show a Zillow value well over what they sold for. I would estimate my neighborhood is overvalued on Zillow by 15-20%. And the problem is not that simply prices are going down, but Zillow is not using comps in this neighborhood to validate the pricing, but pricing from somewhere else.
Suggestion: use comps that are 0-6 months and restrict them to the neighborhood.
Suggestion: use comps that are 0-6 months and restrict them to the neighborhood.
- Subbill Construction
- Contributions:44
Thank you Erparadise.
Any comments from the hard working guys at Zillow?
Any comments from the hard working guys at Zillow?
- Subbill Construction
- Contributions:44
bump
Hi arash3725-
The Zestimate home valuation is an estimated market value computed using a proprietary formula. It is an estimate of the worth of a house today, given the data we have available from the public records. Zillow.com does not offer the Zestimate as the basis of any specific real-estate-related financial transaction. Our data sources may be incomplete or incorrect and we know that there are things that Zillow might not be aware of that can be taken into consideration that can increase or decrease a home's value; also, we have not physically inspected a specific home. Remember, the Zestimate is a starting point and does not consider all the market intricacies that can determine the actual price a house will sell for, such as entertaining offers, negotiating, closing costs, timing, etc.
This is our estimate of fair market value. Home buyers and sellers and anyone who is just plain interested in the value of houses can use this as reference. One can use this value in negotiating, in judging market trends, and in calculating all sorts of things for your personal purposes.
The Zestimate home valuation is an estimated market value computed using a proprietary formula. It is an estimate of the worth of a house today, given the data we have available from the public records. Zillow.com does not offer the Zestimate as the basis of any specific real-estate-related financial transaction. Our data sources may be incomplete or incorrect and we know that there are things that Zillow might not be aware of that can be taken into consideration that can increase or decrease a home's value; also, we have not physically inspected a specific home. Remember, the Zestimate is a starting point and does not consider all the market intricacies that can determine the actual price a house will sell for, such as entertaining offers, negotiating, closing costs, timing, etc.
This is our estimate of fair market value. Home buyers and sellers and anyone who is just plain interested in the value of houses can use this as reference. One can use this value in negotiating, in judging market trends, and in calculating all sorts of things for your personal purposes.
Hi erparadise-
Comps on Zillow are used slightly differently to the way a Realtor would use comps.
Your Realtor will typically use comps to help determine a list price - those comps are an input to your Realtor's calculation of the value of your home. Zillow however does not directly use the list of comps to calculate the home's Zestimate - rather, the Zestimate algorithm uses information learned from all sales and then tailors your home's Zestimates according to its specific attributes. The comps in the list that you see on your home's detail page on Zillow are selected separately to calculating the Zestimate.
So, it's important to note that if the comps list is missing a few good comparable homes - or including a few than aren't exactly comparable - that your Zestimate won't be caused to be incorrect as a result.
For more about Zestimate accuracy, please read this:
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm.
Comps on Zillow are used slightly differently to the way a Realtor would use comps.
Your Realtor will typically use comps to help determine a list price - those comps are an input to your Realtor's calculation of the value of your home. Zillow however does not directly use the list of comps to calculate the home's Zestimate - rather, the Zestimate algorithm uses information learned from all sales and then tailors your home's Zestimates according to its specific attributes. The comps in the list that you see on your home's detail page on Zillow are selected separately to calculating the Zestimate.
So, it's important to note that if the comps list is missing a few good comparable homes - or including a few than aren't exactly comparable - that your Zestimate won't be caused to be incorrect as a result.
For more about Zestimate accuracy, please read this:
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm.
Why are ZESTIMATES over inflated?
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- 0.0/5.0
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