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Why is my home valued so low compared to my neighbor's homes even though they appear comparible?

I live at 115 East Bridger Circle, Woodland Hills, UT  84653.  Compared to my neighbor's value estimates, our home has the lowest value...considerably lower (between 150-200K).  Even though the age of the home, the square footage, and the room numbers are very comparable.  In fact, my neighbor on the corner has a home with 1 less bedroom, 1 more bathroom, BUT is still over $150K higher in value...why?
  • October 10 2013 - Woodland Hills
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Answers (9)

Profile picture for smile10950

If you are going to sell your house and your agent is giving you the CMA ,make sure that you check the comparison is as accurate as possible. I went through this and I had to complain because I realized that he did not compare my house properly.
Another thing, we  used to hear location..location...location..I don't know what happen to that mantra...shouldn't the location make a different in the pricing as well? If you are honest about your house  , you will know how much your house is really worth...CMA does not take location into a consideration . Just zip code...

  • October 12 2013
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Profile picture for wetdawgs
Here's a link to "What is a Zestimate?" 

There are several components to the answer to your question:

1.  Utah is a non-disclosure state, i.e. historical sales price are not available.   Therefore, Zillow's accuracy is low in Utah and the tax assessor's value plays a pretty big role.

2.  Tax assessment for 2011:  
        your home   $151,910
        your neighbor at 95 Bridger  $235,675  (55% higher than yours)
        your neighbor at  102 Bridger $252,285 (66% higher than yours)
     The Zestimates proportionately seem to line up pretty close to the relative values the tax assessor assigned in 2011.   What does the tax assessor know is a question many wish to know. 

3.  Value range, always look at the value range.





  • October 12 2013
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The Zestimate runs an algorithm based on the county auditors page and then the value of your direct neighbors value. This value is more of a barometer of your homes value and not meant to be an exact current market value. If you would like to know your homes current value you need to contact either a licensed appraiser or a licensed Realtor.
  • October 12 2013
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All good answers below.  My friends the Evan's in Woodland Hills had similar value issues back in the day.  Do you know them?  Message me if you would like a comparative market analysis on your home.  The colors up there are amazing right now!  Can't wait until it comes down into the valley a bit more.  Mitch
  • October 12 2013
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I've also noticed when Zillow doesn't have a recent sell on your home they tend to value it lower because it doesn't know current market conditions.I've also noticed when Zillow doesn't have a recent sell on your home they tend to value it lower because it doesn't know current market conditions.  [self promotion and contact info deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • October 11 2013
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This is a question I see on here a dozen times a day.
I think they should just remove the Zestimates it just makes more
confusion than it helps.
It doesn't mean anything according to real property value, so why have it.
-Joseph-
  • October 11 2013
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Because you need a true professional to come an view the property in person and assess the condition!
  • October 11 2013
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Zestimates in Utah are not very accurate. Utah is a non-disclosure state so the information that zillow gets for their zestimates comes from public records in other states but not in Utah. The sales prices are not disclosed publicly in Utah.

Just take the value the zestimate gives your home with a grain of salt so to speak. Don't put too much credibility into these values.

In Utah to get an accurate value of your home you'd need to have an appraisal done or talk to a Realtor. Appraisers and Realtors have access to the sold listings and information about such.

Let me know if you'd like to have a Comparative Market Analysis done of your home, basically it's a valuation.
  • October 10 2013
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Because there's a computer generating the numbers, rather than a person.  Something in the algorithm changed for your property... I'll bet that one or more higher sales are farther than a half mile away from your home, but not from your neighbors.  

Which is why folks shouldn't rely simply on these Zestimates.  Instead, consult a local agent who can give you a better number.
  • October 10 2013
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