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Answers (3)
- Nathan Wolf, "natewolf"
- Contributions:1825
Because Zillow creates a "Zestimate" and is a computer program. It is not a licensed Realtor. If you want a true CMA valuation, hire a professional in your area. CMA is FREE.
- Randy Mabry, "Randy Mabry"
- Contributions:190
Zillow receives its info from public records, usually tax values and only updated when changed. People never complain when the tax value is low but only when they are ready to sell. Yo, or your agent, can clai the home and edit information that zillow has been fed. Sometimes it does not have number of rooms, or bedrooms, or even lot size. Zillow does not have any information on upgrades or condition of the property. They even reccommend to find a current market value consult a realtor, or appraiser.
- RichardReid
- Contributions:197
Zillow estimates are based on the kitchen sink of data - every sale including builder sales, re-sales, short sales, foreclosures, investment properties, for sale by owner properties, etc.
There is probably some variation in the tax record, or the distance calculator picked up different comparable properties for your two homes.
If the tax records are incorrect, the prices per square foot could be way off (for instance, my home shows as a 5 bedroom 3 bath while in reality I have a 3 bedroom 2.5 bath).
In order to arrive at an accurate price for your home, a number of factors come into play: Recent sales (preferably from multiple sources to cross check and validate data), types of sales - re-sales may need to be treated differently than builder sales, foreclosures and short sales should definitely come into play, condition of the comparable properties, age and effective age, location (even within a neighborhood), school districts, property tax implications, and current properties on the market (and their type / condition), etc.
It takes no time to generate a generic report (in Zillow's case, it's automated), but it is rarely going to be accurate. Real property valuation takes time, research, knowledge, and effort.
There is probably some variation in the tax record, or the distance calculator picked up different comparable properties for your two homes.
If the tax records are incorrect, the prices per square foot could be way off (for instance, my home shows as a 5 bedroom 3 bath while in reality I have a 3 bedroom 2.5 bath).
In order to arrive at an accurate price for your home, a number of factors come into play: Recent sales (preferably from multiple sources to cross check and validate data), types of sales - re-sales may need to be treated differently than builder sales, foreclosures and short sales should definitely come into play, condition of the comparable properties, age and effective age, location (even within a neighborhood), school districts, property tax implications, and current properties on the market (and their type / condition), etc.
It takes no time to generate a generic report (in Zillow's case, it's automated), but it is rarely going to be accurate. Real property valuation takes time, research, knowledge, and effort.
Why is the zillow estimate for my home approximately $200,000 below fair value.
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