Profile picture for euhrhan

Zestimate a lot different than other condos in our neighborhood

We have a condo 3 bed 3 bath with a finished basement has a zestimate of 179000 and our condo has been on the market for a few months now.  Other homes in our neighborhood that are exactly the same with 3 beds 3 baths have zestimates of 190 and up! Plus other condos in our neighborhood with 2 beds 2 baths have zestimates of 185 and up.  Not really sure where the zestimates are coming from but I would like our zestimate to be corrected to a more accurate number, since it looks like we are asking a lot more than it is worth, especially when there are a lot of people viewing our property on your website and it is deterring buyers from making offers, because it looks like we are asking too much for our home.  I read some of the FAQ on zestimates and it states that the information that is on the website is where they get the zestimate from, however, our home has the same or more information than the other homes listed.  Please help, this needs to be fixed as soon as possible, it is causing a issue with the selling of our home!
  • February 20 2012 - O Fallon
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Answers (3)

Profile picture for sunnyview
I would suggest that you look at that information listed for the other condos. Look at the assessed value, the last sale and the home facts listed. There can be issues in those fields that can negatively affect your Zestimate of they are incorrect, but there are things you can do as an owner to fix them.

How do those compare to your property and do the other condos have their bed/bath and square footage listed?
  • February 20 2012
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Profile picture for euhrhan
Yes the others have the square footage listed and the bed/bath listed.  All the homes have higher zestimates than us, when there square footage is the same as us and the bed/bath are fewer than ours or the same.  If they have 2bed 2bath the zestimate is around 185,000 and if 3bed/3bath 190,000 and up.  Ours is 3bed 3bath and the zestimate is 179,000
  • February 22 2012
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Zillow uses the purchase price and the tax assessment from the subject property and its neighbors as ones of many facts to calculate the home value.
If your unit has the view and its neighbors also have the view, but lower purchase price your condo then its neighbors, Zillow assumes that your condo has the street view and its neighbors have the mountain view (that is an example).

http://www.zillow.com/advice-thread/Zestimates-Price-History-Tax-History/415515/
  • February 22 2012
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