Profile picture for Loracnh

Zestimate MUCH higher than sale price

Zestimate increased over $300,000 recently.  Sale price $879,000 new Zestimate is 

$1,308,500.  This appears to be some kind of mistake. 
  • February 12 2011 - Sugarloaf Key
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Answers (11)

Profile picture for Caveat Emptor
look at all the talking heads! hey, this thread is 11 months old. why don't you help someone or something?
  • January 27 2012
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Profile picture for Jane Becker
Zestimates have a margin of error of 20%+  That is a lot of money that can cause a seller to over or under price the home.  When selling a property, as a professional or even several professionals to give you an idea what the market will bear.  If you are investing, work with a buyer agent who will protect your interest throughout the transaction and do research to determine what the property is really worth.  Please let me know if you have any questions.
  • January 27 2012
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Profile picture for Bill.Wilkins
If this is for 175 Allamanda Sugarloaf Key , FL 33042, it sold in 9/20/2011 for $798,000. It probably didn't increase $300,000 unless there was substantial improvement. I'll check further for you if it's in the Keys.
Bill Wilkins [E-mail deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • January 27 2012
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Obviously this problem has been explained, but Zestimates can be valuable to buyers and sellers as long as the buyers and sellers are completely informed about what a Zestimate is.  If you go to the bottom of any page of Zillow you will see in light gray print the Zestimate Values & Accruacy Chart.  Click on that and then read it carefully.  It will explain the accuracy of the Zestimate across the country.  If you are in Los Angeles the Zestimate is pretty accurate however if you are in St Petersburg, FL the Zestimate is at least 14% lower than the current market values.  Use Zestimate but use it wisely and be informed.
  • February 14 2011
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It sounds like Kristin figured out the main problem in this situation.  Zillow is accurate but not precise.  Obviously, doesn't replace a broker's price opinion or an appraisal. Be aware of Z's limitations and it's a great tool. 
  • February 14 2011
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Lorach,
Actually, we looked at the history of the property today and the property's square footage was changed to 12,500 on 12/18/2010 and only changed back to 2,116 in late January. If the home really were that big, then it would be worth more like what it peaked out. It was either a typo or someone was experimenting with the facts.

The Zestimate will come down to where it belongs, but we have some smoothing in the Zestimate adjustment so it may take a few more weeks.

Hope that explains it.
Kristin
  • February 14 2011
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Zestimates are completely worthless and you should pay no attention to them. When they are correct it's nothing but dumb luck. Zillow has no agents on the ground anywhere. Zilow has never seen a property, doesn't no the first thing about location, neighborhood, schools, finish quality, etc.

In case I'm not being 100% clear- Zillow knows absolutely nothing about any property on their site and has never seen a single one of them.

This doesn't mean Zillow has no value as a real estate site, however if you really want to know the vlaue of any property you need to either work with an appraiser or with an experienced local real estate agent who can give you the true market value of a property in their marketplace.

I have been suggesting to Zillow for nearly a year that they would be well advised to phase out the Zestimate entirely. The Zestimate gets more complaints, "too high, Too Low, Missing" etc than any other single item.

It was an effective way for them to get noticed, but honestly as accurate information it is about as useful as a newspaper horoscope.

  • February 13 2011
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Hmm, that is a head scratcher. There must be some outlying data making it do that. I will pass it to the team. I'm afraid these kinds of things sometimes are difficult to fix. I'd ignore the Zestimate for now regarding this home. Sorry about that.

Kristin
  • February 12 2011
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Zillow is a great place to search for homes and see the approx value of a property. Unfortunately not all the information is correct. I suggest you get a good agent to check out the local market values and see if the home is priced correctly for the area. Good Luck and Happy house hunting. 
  • February 12 2011
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Profile picture for Loracnh
17175 W Allamanda Sugarloaf Key Florida
  • February 12 2011
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Hi Loracnh, It could be due to a bug, or a number of nearby sales which influenced the Zestimate in that direction. Please provide the address if you want people to take a look at it. Thanks, Kristin
  • February 12 2011
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