Profile picture for user50311663

Why are houses similar to mine priced to sell, much lower than what my house estimate is?

Here is my concern.  I bought a new construction house for $240k in 2009.  I'm looking to sell now and have found that new construction homes in the neighborhood that seem similar in size, with maybe a little less acreage than mine (0.025 acres less) are going for $180k.  Zillow has an estimate on mine of around  $215k and some other sites (which I won't name) have it estimated between $225k-$235k.  How can these other houses be priced so low?? I'm afraid that it will drive away potential buyers, now that I'm looking to sell, as I would like to get around $230k for it.  Any suggestions?

  • March 20 2014 - Norristown
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

Profile picture for Drexel Hill Mortgage
Well hopefully you are talking with a local realtor to get an idea on your home specifically.  2009 Still had some higher priced homes being sold even though the melt down was 2008.  An appraiser's job is to find comparable sales within a certain recent time frame and proximity that matches your home such as square footage, number of rooms, condition...many things that go on the grid.  Talking to a realtor will give you a clearer picture as to why those other new construction homes are selling for less.  And like the others...the zestimate is just that.  We rarely see home appraisals come in to match the zillow zestimate.    
  • March 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Andy Wu
Zillow's Zestimates are no way accurate. You will have to look at the Final Sales Price of the homes near your neighborhood to get an accurate comparison.

 
  • March 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for user50311663
I should also note that a house just down the street from mine, the same size, same builder, etc. sold 6-months ago for around $230k.  I still don't understand the discrepancies between mine and the the new ones.  I would imagine that the "twin" of mine would be a better gauge of the market, but it seems to not be the case.  Any suggestions/input?

Thanks
  • March 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

That is an estimate/zestimate/guesstimate. It is not appraised for your home in particulate therefore not accurate. Besides, new construction homes have such poor construction which is why they are more affordable.
  • March 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Use the word Guess in place of estimate and it might answer your question for you.
  • March 20 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.