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Z estimate

A house at 29 Christian Lane in Brookfield, Ct recently sold for $660,000. My house at 37 Christian lane is larger, has a higher tax appraisal, has an in ground pool, does not have a common driveway, is valued by Trulia at $756,000.   Zillow has valued my at $636,000. The appropriate value would seem to be more like $695,000 if 29 Christian Lane sold for $660,000.  
  • July 19 2013 - Brookfield Center
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Answers (2)

Profile picture for user9823901
The house was purchased as a short sale approximately 8% below market value.  It would be more appropriate to base the Z estimate on comparable recent home sales. Several homes on Christian Lane were purchased below market rates as foreclosures or short sales which is most likely why Zillow has low z estimates for many of the homes on this street. I understand the difficulty in estimating residential properties but when you have the recent comps it would seem that you can update the z estimates.
  • July 19 2013
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Profile picture for wetdawgs
It looks as if you purchased your home in Dec for $605k.  A purchase price is weighted pretty heavily in the Zestimate calculations as Zillow assumes that the buyer paid market value. The Zestimate appears to have increased about 5% since purchase. It has quite a wide range at $560K – $789K.  (Read more about the value range in "What is a Zestimate?")

29 Christian Lane sale doesn't yet appear on Zillow.    If you purchased your home at a super bargain, it takes time (years) for the Zestimate to adjust.  
  • July 19 2013
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