Profile picture for zzolis

Why are the home values on my street so crazy?

My home is comparable to the others on the street, and yet valued on Zillow almost
$200,000 less than the other homes.  I do not see remodeling as being a factor on Zillow with the other homes.  Please help me understand how the market could be so extreme from my house to the neighbors home.
  • August 25 2011 - West San Jose
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Answers (3)

Profile picture for Ice L.
  • Ice L.Zillow
  • 14620 contributions
zzolis -

Looks like you have gotten great responses here.

Also, please note that each home's Zestimate value is calculated independently.  Each home's estimate also has it's own level of accuracy - some estimates will be high and some will be low. On Zillow, we use the value range (maximum and minimum) to give users a hint of how accurate we think that estimate may be. Despite the fact that the attributes of both homes are similar, there is probably something in their sales, home attributes or tax history that is causing this difference in their estimates. Bottomline, Zestimates are not a market value for a home. A Zestimate is computer generated number based on public data. Each home is calculated individually, and does not compare neighboring houses.

  • September 01 2011
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Zillow uses an automated evaluation system that comes from sites such aas data quick and others. This is not very accurate and even Zillows on site states that it will be accurate to within 20% of the actual price only 60% of the time. You only have 2 options one ignor what the zestimate says or two call a local realtor and find out what the right value of your home is. We are almost always accurate! 
  • August 25 2011
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Zillow uses tax values from public records and SOME recent sold data for basis on home values. Tax values are not a reputable source of what a home is actually worth. In the some areas home values on Zestimates could be off by as much as 45% if not more. Get a local agent to do a Free CMA for you and they can give you a better idea of what your home is worth.

If you live on a street where home sizes and styles vary a lot, there can be a large difference in prices in the homes on that street as well.
  • August 25 2011
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