Profile picture for kmcclendon

Zillow estimate verses market value

I have a 5 year old home which I bought 2 years ago at $234,000.  Unfortunately, for several reasons (economy and martial issures), I am having to sell the home.  It has been on the market for 6 months and my best offer thus far is $240,000.  Zillow estimate, Zestimate, is $337,000.  Why the big difference?
  • March 11 2009 - Newalla
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Answers (2)

In my opinion Zillow has NEVER been accurate as far as a value on a home.  When a client mentions zillow's number and how a home should be priced around that, I do research on my local MLS.  This information is much more accurate, and real.
  • October 11 2010
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Profile picture for sunnyview
Zillow cannot see your house like buyers, agents or appraisers can. All it has to work off of is numbers like the assessed value, similar houses that have sold, trends in value in a neighborhood etc. That's it. The values in this market have also been complicated by a slow market, many REO/short sales and shifting employment. In a normal market, these things would not be heavy burdens on house values. Zillow has to have numbers to be able to update their numbers. If sales are slow or the local market is dead, the Zestimate sort of stagnates because their are not new numbers to suggest the direction of the market. Also, if local assessments are high they also can push up the Zestimate number beyond what the local buyers are willing to pay.
  • March 11 2009
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