Profile picture for MichaelNicholas

Why huge discrepancy in zestimates?

My condo - 4944 N Spaulding # 2, chicago, il 60625 is estimated at $116k.  The exact same unit above me in the same condition, same age, rehabbed at the same time is for sale at $175k with a zestimate of $186k. 4944 N Spaulding Apt 3N, chicago, il 60625.
Why this huge discrepancy in pricing? BTW, I'd prefer my estimate higher, not his estimate lower.
  • July 09 2012 - Albany Park
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Answers (2)

Best Answer

Profile picture for Blue Nile
It is because the bed, bath, and sqft numbers are missing from most of the units in the building, and because 3N is probably a duplicate (since 3N doesn't have the county records data on the "more facts" - & no tax data...) of #3  which has a present Zestimate of $121.6k, range of $79k to $156k (70% confidence interval).

Estimates are not "pricing".  Read the FAQ: what is a Zestimate.

For other units in the building, see 4944 N Spaulding

You can claim your unit and add the bed, bath and sqft numbers.  But it will take about 2 months for the changes to fully impact the estimates.

If your neighbor priced above present market value, it just won't sell without lowering the price or accepting a lower offer.

Rehabilitation and renovations are completely ignored in the estimates as it is not in the public records, and the estimates are only a "starting point".  You have to apply your own adjustments for such things using data from other sources.
  • July 09 2012
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Profile picture for Matt Laricy
Zesitmates are brutal. Sometimes they are very high, sometimes they are very low. I would ignore them if you can, although its hard to do so. If you want a true opinion of your place, just get an agent to draw you up a CMA.
  • July 09 2012
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