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Why is my zestimate $63,000 dollars less than my neighbor with same house?

My house at 72 Happy Hollow Ln Oconomowoc, WI 53066 (Weston Meadows Neighborhood) has a Zestimate of $153,767.  The house was purchased in Oct 2011 for $220,000.  3 of my neighbors have the same model house with same amenities and their Zestimates are $273,000, $217,000 and $250,000.  Even with the lowest one being a $217,000 that is over $63,000 more than my Zestimate of $153,767.  Is it because my house was built in 2011 and 3 previous years tax records only have the land assessment on there?  I mean if I am trying to sell my house and put it for sale at $220,000 some people might not even want look at it since I would be asking over $65,000 more than the Zestimate when it appraised out at $234,000  I think you need to correct your formula or change my Zestimate.

Thanks,

John
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July 29 2013 - Town of Oconomowoc
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Profile picture for MichaelCrawford8
I believe that people find out too late that the so called zestimate does a tremendous amount of harm to both buyers and sellers. They are so far away from a true estimate it would be laughable if it were not so harmful. Two years ago it cost me personally $100,000.00 + by believing there was some element of truth or fact here, there is none. I have read so many replies where people have ask them to remove this total lie about value. There response ....they are now in the fortune telling business, now they are telling people the housing value of their town, or state. Myself I find this repulsive for any real estate site to do this. If you tell the general population that prices will be down 10% or so in the next year, they will wait, or delay making their home purchase. Tell them that prices will be up 10% or 15% and they will hurry to buy. I have not even bothered to look at this site for well over a year because of this, not since a realtor suggest Trulia,or Realtor.com. where they tend to deal more in fact than opinion. I can't truly even call this opinion when these people have never even seen the property,  the street or the town where they are making predictions, it is simply fortune telling and if they refuse to stop this practice when it has caused such harm, then I believe the best thing that people can do is turn to a more reliable site.
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July 29 2013
 
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Why is my zestimate $63,000 dollars less than my neighbor with same house?
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July 29 2013 | 1 answers
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