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Why is the price of my Townhouse reflecting a lower price than comp's in my complex?

I live in a 2 bed/ 2 bath Townhouse and the value of my unit is appearing lower than other comparable units in my complex on Zillow. Why is the value reflecting lower on Zillow? My mortgage company is referencing this website and I know the value of my unit is higher than what is quoted as I have done a lot of upgrades.
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March 05 2009 - Somers
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Answers (8)

I recommend you go to your local real agent.  They have many different tools to analyze the current value of your property. A CMA should be able to provide you with an accurate price range.  Please let me know if you need more guidance, it will be a pleasure to help you.
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October 09 2010
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Please read the rules before posting.  Our contact information is not allowed in our answers.  That is the beauty of Zillow.
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October 09 2010
Hi Donna, please call me ASAP and I will try and help you determine why. Have a great day, Bill Frattarola Jr, [contact info removed by moderator due to self-promotion]
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October 09 2010
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I agree with Wetdawgs.  The Realtors who are well-respected here are the ones that don't constantly push agency on customers and degrade Zillow in the process.  Zillow is providing us an opportunity to give feedback to customers in an honest and direct way.  They also provide us a place to post our listings.  Thank you.
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October 09 2010
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@Celeste:  Real estate is also time dependent.

Welcome to Zillow.  Please note that posts have time stamps on them.  Rarely is value added by responding to a post 19 months after it was posted.
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October 08 2010
Real Estate is local.  The internet based serice that Zillow provides, is not able to take into consideration many factors that determine value.  A LOCAL professional Realtor will use the same criteria as a bank appraiser when determining current market value.  That is your best source for true value.  Your mortgage company should be using the services of a LOCAL appraiser who will use more accurant information based on recent sales in the area of "like" properties. 
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October 08 2010

Please understand, I have been an agent for almost 26 years, have a degree in real estate and I have been a top producer for the past 12 years in a row. With all my knowledge and experience, it is still difficult to evaluate homes. Someone on a computer on the other side of the country may not be able to evaluate very well. It's not necessarily best for a homeowner to rely on only one source, especially only an internet site, to determine the value of their home. Good luck, Bill

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March 09 2009
In the modern computerized age we're in today we often forget that comps derived simply by address do not consider all the attributes of a property when spitting out a number.  I have found that often when Foreclosures are factored in, while a legitimate sale, you cannot truly compare a distressed property with a property that is updated and move in ready.  To truly get a fair market price comparison, I believe the property must be seen.  Often the "street view" can be deceptive, both positively&negatively.  Have a local real estate professional do a Comparitive Market Analysis for you or pay for a professional appraisal.  Either way will give you a true fair market value for your townhouse.
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March 05 2009
 
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Why is the price of my Townhouse reflecting a lower price than comp's in my complex?
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