Profile picture for accuweaver

Why do identical tract homes have different ZEstimate?

Only difference I can see is that one has never sold since being bought, yet it has the lowest ZEstimate.
  • July 07 2011 - Livermore
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Answers (3)

Profile picture for Mills Realty
That can make a bid difference.  Zillow most likely puts more weight into more recent statistics, so it is no surprise in what you are finding.
  • July 08 2011
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Profile picture for accuweaver
So the houses are identical in all of the points you list.

The last sold obviously would be when it was built, so obviously never updated.

Appraisal on the home is actually higher than several with higher ZEstimate values.
  • July 07 2011
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Profile picture for blue screen exile
In addition to using
1) house sqft
2) lot sqft
3) # bedrooms
4) # bathrooms
5) # stories
6) year built
7) covered parking (if in the county records).

It also uses:
8) tax assessed value (adjusted for local rules)
9) last sold price extrapolated from sold date

So, obviously, the date purchased and amount paid does impact the estimate.  And you would expect it to... since even identical tract homes opt for different "extras", and there is no way to get that from the size and number of bedrooms only.  Similarly, last sold price adjusted for date, and tax assessed value are the only places where items like "views" and "traffic" is factored in.

The one thing that you have to remember is the longer it has been since sold, the less information is known about the maintenance condition, so the less useful the estimate is at "predicting" what the property actually might sell for.
  • July 07 2011
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