Profile picture for 3939saddle

Your Zestimate - 3939 Saddle Road - South Lake Tahoe, CA

I am just wondering what you base your poor judegement on you Zesstimate on for the property in the question?   I think you base all your data on a very shallow analysis that does not even take any thinking.   1st, the property has been completely updated and further the cost per square ft, is completely off the Band-Width.   You have properties on the same street with a greater value per sq ft, but in abosolute need of $100K infusion to bring it up to date and saleable.    This proeprty has a book value in today market of $300 sq ft. not approx $186 sq ft.   Where in the world is the logic on your analysis, I do not think you have any.   Get out of the office and drive the street of Saddle Rd.   What concept.   Please correct this Zeestimate.  Thank you David Doolittle 
[edited by Zillow moderator to remove phone number. Please refer to Good Neighbor Policy]
  • September 21 2011 - South Lake Tahoe
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Answers (6)

Profile picture for sunnyview
"The problem with your Zestimate is the Mental Giants who look at this site believe you are the "Holy Grail"..."

I think that you are mistaken. Anyone including Zillow who feels that Zestimates are the one true number or the absolute last word on value is no mental giant.

I have a question. Why do you care what some automated site says about your value is? It is obvious that an online valuation cannot see your house, can only work with numbers and is not a buyer. It is one thing to want more accuracy on your home page. I think any owner with a brain wants that, but as far as an "opinion of value" that's like what they say about a common body part...everyone has one.

If your Zesitmate is wrong, you can update your home facts and page to make it more acccurate. Zillow had an owner's estimate feature where owners could input updates and value for remodels, but I think that is offline for updates. When It comes back on, I would recommend adding that information also to make your page more accurate. Zillow does what they do, but they are not buyers or appraisers so their opinion is just that, an opinion. That opinion has obvious limits due to it's very nature.
  • September 21 2011
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There are very low purchased price comps in your area, your Zestimate is going to get better number if Zillow has the higher purchased price comps in your area in the future.
The followed link may explain your Zestimate's figure, which by no means that its website neither Zillow's estimate is correct on your property's value, they are for research, which are more like the home's value calculators to help the homeowners, the buyers, the sellers to understand how their home's values are calculated and there are no guarantee for their accuracies.
http://homesand.net/QuickComps.aspx?3939+Saddle+Road+South+Lake+Tahoe&citystatezip=CA?Map=1
  • September 21 2011
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Keep in mind zestimates do not take into account what the interior of a property looks like. A completely remodeled home isn't going to have a higher zestimate value than the house next door that needs to be hut rehabbed. Your best bet to determine market value is to find recently sold properties within 6 months (3 months is better) that are similar to your property in features. Many times you can see what the interior looks like so you can compare the extent that it has been remodeled with your own. These properties should be at most 1 mile away from your property. This will give you a better idea of what your property is worth.
  • September 21 2011
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Profile picture for 3939saddle
That is just poor justment, since the mental giants do not even measure the cost per sq ft on a property two doors up the street that is a complete dump.  Further, I do not believe the true value is reflected since the party who owns this property in AZ is a Ex-Realtor (what a coinistance, possible they know the game??). Does Zillow take into account of various Permits processed on the property???   The problem with your Zestimate is the Mental Giants who look at this site believe you are the "Holy Grail" and there comes the Bottom Feeders who will blow you off since your value is not a true representation of the property.   You get it.Thxs
  • September 21 2011
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Profile picture for sunnyview
Zestimates are not appraisals. They are estimates based on public information, sales trends and other numeric values. They do not include remodels or views or historic value unless those features brought a higher sales price that Zillow can see in the numbers.

You state that your property has a book value of $300 per square foot, but there is no book value for real estate. Real estate is not like comic books with a book value based on condition. No property is worth what Zillow, an agent, an owner or even an appraiser says. It is worth what a qualified buyer is willing to pay. If you are not selling right now, ever other value placed on your house is a form of educated guess.

If you want to get a better idea of value than Zillow can give, I would call a local agent in your area. They can show you the most recent comps and trends from the MLS and give you their opinion of value after seeing your house. Most are happy to help.
 
  • September 21 2011
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David,

The problem is that Zillow is not going to see or respond to your post.  It's really just going out to this broad forum and you'll probably get answers from realtors like me.  Zestimates can be very frustrating, because they don't take into consideration particular nuances of a property.  For example, a house sells that is completely stripped inside.....does Zillow know that?  No and therefore the low, low price per sqft is all that is recorded into the system and thus all the values around that property fall as well.  I can't tell you how many buyers come up from the SF Bay area after reviewing values on Zillow and have a skewed impression of our market.  The best thing that we can do as agents is to educate them properly with valid comps and statistics.  9 times out of 10 they completely understand and start to ask you, the professional, what the real value of a property is.  Hope this helps! 
  • September 21 2011
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