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Answers (7)
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Mobile home(s) and mobile home lots are considered complex valuations due to lack of comps. I pulled up few 'comparable' sales hence Zillow's inaccurate value. My comps ranged from 10K to 280K. You would need an expert opinion of value from a Realtor or appraiser who handles this type of property to get a better handle on its real value in this market.
Here is a link to find a local appraiser near you...
https://www.asc.gov/National-Registry/FindAnAppraiser.aspx
Good luck with your purchase!
Here is a link to find a local appraiser near you...
https://www.asc.gov/National-Registry/FindAnAppraiser.aspx
Good luck with your purchase!
- HomeSand.net, "White Picture"
- Contributions:4398
- HomeSand.net, "White Picture"
- Contributions:4398
Maybe Zillow had no enough comps for the subject property, It is a manufacturing home therefore Zillow has only 1 comp to compare.
It looks like the zestimate dropped like a rock in water when the home was listed for $60k in September. So much for machine generated valuation from zillions of datapoints, as it looks like only one datpoint has been used even though the listing was removed after only 9 days.
- hpvanc
- Contributions:2579
Do extensive research on what it is really worth using all information available and offer accordingly, then stick to it.
Zestimates are a rough starting point using publicly available data. While not fool proof the Zestimate range at any given time is a better validation of yours, an appraisers, or an agents opinion than the actual Zestimate number. As you can see from the volatility of the Zestimate number that the information to calculate a good statistical analysis of value on this particular property is limited. In other words the large move is an indication of a lack of or change in the quality of data in the statistical model, nothing else. Keep in mind that it could be worth less than the $77K or more than $130K.
Zestimates are a rough starting point using publicly available data. While not fool proof the Zestimate range at any given time is a better validation of yours, an appraisers, or an agents opinion than the actual Zestimate number. As you can see from the volatility of the Zestimate number that the information to calculate a good statistical analysis of value on this particular property is limited. In other words the large move is an indication of a lack of or change in the quality of data in the statistical model, nothing else. Keep in mind that it could be worth less than the $77K or more than $130K.
- Warren "Randy" Knowles 609-617-0316, "Therandyknowlesteam"
- Contributions:41
Agreed, I've even had agents send me offers with the "Zestimate" attached and had to explain to them that it doesn't account for recent sales condition and title specific issues such as short/foreclosure interior exterior damage, deferred maintenance etc. The best indicator would be to reference an active agent and look at the recent sales and drive by the homes to gain personal knowledge of what the values appear to be.
- Adam B. Manville, "CapstoneBroker"
- Contributions:53
Zestimates gives an inaccurate view of current values. I wouldn't put too much effort into why the Zestimate dropped. Your time would be better spent checking with a local agent on current comparable sales vs. comparable sales 4 months ago. He or she should be able to advise you regarding any trends or issues in the area.
Zestimate dropped alot
Looking at purchasing this property very soon.
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