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Answers (5)
- blue9steel
- Contributions:6
Single family homes and multi-family homes just don't have similar price characteristics. For example, on a per unit basis each side of the duplex is worth $115,000 but as a free standing structure they would be worth considerably more. The estimates for my California duplex seem to come out correctly but the ones for Cornelius seem to be at least 30,000-40,000 dollars low compared to similar units in the same neighborhood. I think the algorithm is downgrading it due to all of the single family homes just to the south of my property.
- blue9steel
- Contributions:6
Hmm, seems like that would basically end up with the place being listed as whatever I think it's worth. For me, that's not very useful. I'm trying to track the current market value so I can use it my net worth calculations. This seems to work fine for my other duplex at 8242 Carnation Ct. Riverside, CA 92503, but then I haven't tried to make any updates to that one.
Normally the algorithms are pretty good, in fact they were incredibly helpful when I was shopping for a building to purchase. For some reason this one seems to be thrown way off due to the previous foreclosure.
Normally the algorithms are pretty good, in fact they were incredibly helpful when I was shopping for a building to purchase. For some reason this one seems to be thrown way off due to the previous foreclosure.
It's unorthodox but you can make your own adjustments for unusual issues just like this, by:
Add Home Improvements > Other > Description: ("Duplex potential" or something) > Cost: XXXX (OR) -XXXX.
Yes, you /can/ use a "minus" or negative sign to lower your Estimate when compensating for something "intangible" like housing types.
By the way -- love the fact that you're taking such an active, and honest, interest. Way to go!
Add Home Improvements > Other > Description: ("Duplex potential" or something) > Cost: XXXX (OR) -XXXX.
Yes, you /can/ use a "minus" or negative sign to lower your Estimate when compensating for something "intangible" like housing types.
By the way -- love the fact that you're taking such an active, and honest, interest. Way to go!
- blue9steel
- Contributions:6
Well, it's pretty hard to pick a comparable single family since the price characteristics are completely different. For example, if I choose comps with the same number of total rooms or square footage it's going produce serious over-valuation. At the same time, if I try to find ones that match a single side it will seriously under-value the full building. How would I go about selecting appropriate matches among non-like comparables?
Hey Blue:
Sorry for the confusion. When Zillow prompts you for "comparable homes" -- when you're creating a homeowner's estimate I mean -- we're not directly comparing home types. What we're doing is displaying a pool of recent sales in your area and allowing you, the homeowner, to compare your home to recent sales of homes that you feel best match yours.
Because of this, the idea of comparing a duplex vs. single-family home isn't directly relevant to your comps. Instead, focusing on finding a sale in that list of a property that you feel best matches your home, and use it in your Estimate. Does this make sense? Probably not -- I know it seems a little technical. Feel free to respond here with any questions and I'll do my best to explain further.
Sorry for the confusion. When Zillow prompts you for "comparable homes" -- when you're creating a homeowner's estimate I mean -- we're not directly comparing home types. What we're doing is displaying a pool of recent sales in your area and allowing you, the homeowner, to compare your home to recent sales of homes that you feel best match yours.
Because of this, the idea of comparing a duplex vs. single-family home isn't directly relevant to your comps. Instead, focusing on finding a sale in that list of a property that you feel best matches your home, and use it in your Estimate. Does this make sense? Probably not -- I know it seems a little technical. Feel free to respond here with any questions and I'll do my best to explain further.
Zestimate multi-family problem
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