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Why does Zillow have our home so low on their Zestimate, when a few on Shetland Pony are higher.

Our house is at 4026 Tanning St.  We have all the options and then some, and the others are less than 3yrs. newer. Our home is hardly used wiith only the two of us, and no pets ever in the house!!  Can we get the Zestimate raised to say $180K?  It would look better for the ones about to be interested in buying it.
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May 15 2011 - Sunrise Manor
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You cant 'fix' the value to serve your purpose, but you can CLAIM your home and CREATE YOUR OWN ESTIMATE....

Learn more here...

http://www.zillow.com/wikipages/Most-Popular-Zillow-Questions/
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May 15 2011
Hello Licky,

First, we need to say that no one who really cares about value is using or relying on Zestimates to establish value of their homes or even in determining what to offer for a home.  In a declining market like we are experiencing in Las Vegas right now, Zillow's algorithms cannot keep up with the decline.  If you are looking for bragging rights a Zestimate might work, but not to establish true current market value.


So let's look at the real value of your home.  How much value do you give to "no pets"?  Realistically, it ads no value ot your home.  The fact that there are only 2 of you makes your home perhaps a bit more tidy, but does little to up the value.  Assuming that your carpet looks as good as the day you bought the home, you might try to raise the price, but comparable homes that had 3 or 4 or even 5 people might be in just as good  shape, or got new carpet, or had options and upgrades that your home doesn't.  Perhaps yours has upgrades that others don't.  The truth is that upgrades add little value to your home upon resale.  They cost an arm and a leg when you buy, but do not bring back dollar for dollar what they cost when you sell.

Now let's look at what your floor plan is selling for in your neighborhood.  Keep in mind that the market is still dropping, so sales of a few months ago, may be a bit high, depending on whether the homes as a short sale or foreclosure, or flip.

There is currently a foreclosure in your neighborhood of your floor plan that started at $147,500 and was dropped to $135,800 on the may 6.  It has been on the market for 41 days and has not sold yet.

There was a sale of your plan in February for $150,000, and one in December for $140,000.

Quite honestly, this suggests and would probably only support an appraisal of between $135,000 and $150,000.  The fact that a foreclosure has not sold at $135,800 suggests the value to be in the lower range of value.

Not news you want to hear, but remember, when you sell your home, it has to sell twice; first to a buyer who is ready willing and able to purchase at a price they deem to be fair, and a second time to the Buyer's lender who is going to obtain an appraisal on the home, and he is only going to loan based on the market value. 

Best wishes, and thanks for reading.
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May 16 2011
Buyers will look at your home then compare it with others on the market. Zillow is not a measure of true market value--it is as estimate. 

You can "claim" your home to make some revisions.
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May 17 2011
 
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Why does Zillow have our home so low on their Zestimate, when a few on Shetland Pony are higher.
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Latest reply by Frieda Triebel
May 17 2011 | 3 answers
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