Profile picture for mikgaes

Why is this house riced $599,000 and the Z-estimate has it at only $464,000. Why is it over-priced?

  • February 26 2010 - Southeast
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Answers (8)

Profile picture for robin398
Hi mikgaes,

Which property are you referring to?

Robin Lynch
Keller Williams Realty Group
  • July 28 2010
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Profile picture for robin398
My question is why do Realtors feel the need to use all capital letters and shout? Zillow is giving you the free opportunity to network with potential customers and you use the forum to insult Zillow.  Classic.
  • July 28 2010
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Property owners are not always in a rush to sell, so they sometimes prefer to keep a higher price on their house even though it's not the market value and it's going to take them longer to sale it.
  • July 28 2010
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BECAUSE ZILLOW IS NOT ALWAYS ACCURATE WITH THEIR ESTIMATES A LOCAL REALTOR IS YOUR BEST BET!!!!
  • July 28 2010
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Mikgaes, in order to get a more accurate value of a property, Realtors do Comparitive Market Analysis. Also, a solid way is to pay for an appraisal...
  • March 05 2010
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You don't mention an address.  But, Zillow readily admits that its Zestimates are only estimates based upon public information.  Realtors don't use Zestimates.  Whether it's a Buyer's Side Realtor or Seller's Side Realtor, a Comparative Market Analysis  ("CMA") is used.
  • February 28 2010
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Profile picture for jkuhl
What house? Unless there a way to cross reference in Zillow that I'm unaware of, you have to give the address, otherwise the question can't be answered in specific.

In general, what Dan above said. But keep in mind also that asking prices do not necessarily connect to reality. An owner (or an unrealistic RE agent) could ask a million dollars for this house. Or 2 million. It would never sell, of course. Market value is established by what a willing buyer and a willing seller agree on, nothing more or less. Comparing the house to what other similar houses in the area have sold for will yield an approximate market value that is has some validity - that's done with either an appraisal or a Broker Price Opinion. Zillow uses a much vaguer statistical approach that, as was already mentioned, does not take in more specific factors such as style, condition, eye appeal and many other things that affect buyers' perceptions of value. Thus sometimes, it's on the money, other times it's way off.
  • February 27 2010
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Please remember that a Z-estimate is an automated market valuation system only - it's an estimate.  It does not know the quality of the house, or even what a true comp is.  Use a true appraisal or a comparative market analysis to determine a real value.
  • February 26 2010
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