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Why would the three houses on a private street change prices differently?

There are only three houses on the private road fieldstone terrace in chelmsford ma.  the largest house went up $2500. the middle sized house dropped $31,000. and the smallest of the three houses dropped $4,100.  Why would one house go up in value the mid sized house drop a drastic amount and the smallest house drop a minimal amount?
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November 06 2010 - Chelmsford
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Answers (6)

Zillow is also just an online estimate not actual market value. If you really want to know what your house is worth call a local Realtor
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November 08 2010
I just checked the MLS and there are no homes on the market for Fieldstone Terrace in Chelmsford, Ma.   Without communicating directly, I believe you are looking at Zillow and comparing homes on a specific street. Real Estate is local.  So you have to look outside the street for your answer. My best guess with relative little information is that two of the houses are in a prince band this has lots of inventory and prices are dropping. The largest home may fall into a price band where there are fewer homes for sale so if the property were to be listed it would be less affected by the market conditions in the lower price bands.  Price is relative to inventory and what a buyer will pay.  There are other factors that might change how I would answer this question but it is difficult to determine without a quick walk through of the subject property. If you are thinking about putting your home on the market, please seek the advise of a local REALTOR or two! 
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November 07 2010
We wont really know until they sell if it was justified or not per house and per price. Maybe they did some work on the one that went up.
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November 07 2010
Real estate is as much emotional as it is rational. Every seller's situation is different as is their perception of the value of their home.

You simply have to look for a situation where both buyer and seller perceptions line up the best.
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November 07 2010
It would depend upon multiple factors, styles, lot size, locations, views, sales data, assessment changes/abatements, improvements recognized through building permits, owner claiming their property and adjusting the "facts" & details of their property to better reflect their condition. Mature plantings, curb appeal, lot situation, lot descriptions, parking, utility upgrades etc. It's a complex mathematical computation these automatic valuation models use. For appraisals & market analysis purposes it's as much science & numbers as it is also an art to finding like properties to compare to. Even slight differences can make a big differences at times.

Some towns use the last sale price as the new assessment, others take different approaches. Your town assessors office can explain their methodology.

Hope that helps,
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November 06 2010
The houses that dropped were probably overpriced and have now readjusted. The one that went up may have been the owner discovering they owed more on the house than they thought. There are many more factors that could also be in play.
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November 06 2010
 
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