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Answers (2)
- John Billings, "JohnBillings"
- Contributions:757
This is a very good reason why you should take Zillow "Zestimate" with a grain of salt. Zillow doesn't know everything about your house, nor does it know everything about your neighbor's home.
Many "FSBOs" we meet with don't undertstand why their house hasn't sold. They explain to us that they are using Zillow as a source of property estimation. Zillow is great for many things, but you are correct... the Zestimates are not totally accurate. They can over estimate or under estimate (so, you have the potential to sit on the market forever and a day or sell your home for less than it is worth... assuming you go by the Zestimate value)
Getting comps from an experienced Realtor in your area is honestly the best way to go. They have the most accurate, up to date, and reliable information at their finger tips, not to mention the technology to properly advertise your home to the public. If you would like a more accurate depiction of what your property could sell for, let us know. We would be happy to send you comps for your neighborhod and area in general.
John
[Content removed by moderator due to self-promotion]
Many "FSBOs" we meet with don't undertstand why their house hasn't sold. They explain to us that they are using Zillow as a source of property estimation. Zillow is great for many things, but you are correct... the Zestimates are not totally accurate. They can over estimate or under estimate (so, you have the potential to sit on the market forever and a day or sell your home for less than it is worth... assuming you go by the Zestimate value)
Getting comps from an experienced Realtor in your area is honestly the best way to go. They have the most accurate, up to date, and reliable information at their finger tips, not to mention the technology to properly advertise your home to the public. If you would like a more accurate depiction of what your property could sell for, let us know. We would be happy to send you comps for your neighborhod and area in general.
John
[Content removed by moderator due to self-promotion]
- Pasadenan
- Contributions:21424
It is a machine estimate, not an appraisal. Property sale prices and offers are not based on machine estimates.
1) Were your property taxes identical?
2) Was your county assessed value identical?
3) Did you pay the identical amount for the property?
4) Did you buy at the exact same time?
5) Are your lots exactly the same size?
6) Is the location the exact same location?
7) Is your views the exact same?
8) Do you have the exact same problem neighbors?
9) Do you have the exact same traffic and noise?
10) Do you have the exact same landscaping and trees?
11) Do you have the exact same amenities and finishes?
12) Have you done the exact same upkeep and maintenance?
Zillow doesn't have records on most of those items, it simply uses a least squares curve fit to county record data, and includes:
1) house sqft
2) lot sqft
3) # bedrooms
4) # bathrooms
5) # stories
6) year built
7) tax assessed value (adjusted for local rules)
8) last sold price/date
9) covered parking (if in the county records).
So, don't worry about it; it won't make any difference.
1) Were your property taxes identical?
2) Was your county assessed value identical?
3) Did you pay the identical amount for the property?
4) Did you buy at the exact same time?
5) Are your lots exactly the same size?
6) Is the location the exact same location?
7) Is your views the exact same?
8) Do you have the exact same problem neighbors?
9) Do you have the exact same traffic and noise?
10) Do you have the exact same landscaping and trees?
11) Do you have the exact same amenities and finishes?
12) Have you done the exact same upkeep and maintenance?
Zillow doesn't have records on most of those items, it simply uses a least squares curve fit to county record data, and includes:
1) house sqft
2) lot sqft
3) # bedrooms
4) # bathrooms
5) # stories
6) year built
7) tax assessed value (adjusted for local rules)
8) last sold price/date
9) covered parking (if in the county records).
So, don't worry about it; it won't make any difference.
Why is my home supposedly worth $30,000 less than my neighbors? It's the same floor plan!
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