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Why is my house valued lower than the exact models in the same area?

I am really curious as to why my house would show a value of $287,000 versus the same exact houses going for over $300,000 on Zillow.  I have searched all the details and this makes no sense whatsoever.  If anyone can explain this, that would be fantastic.

Thanks.
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July 12 2011 - Seattle
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Answers (1)

Hi Shylah,

It's a complicated and quirky model that Zillow uses.  Sometimes it will take two houses, exactly the same, next door to each other, and the prices will vary by 10%.  There are a lot of reasons, but the short answer is that the model isn't very good at getting exact prices.  It's off by 20% fairly often.

If you're looking for a real estimate, a broker or appraiser can give you a much better value with an in-person visit.
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July 13 2011
 
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