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Replies (2)
- Marie Souza Team, "MarieSouzaTeam"
- Contributions:294
Zestimates are just estimates pulled from public data. They do not take into consideration neighborhoods, views etc. Agents will pull comparables from the local MLS (Multiple Listing System) to come up with the market value and/or offer price. Please don't base values on Zillow pricing, they can be off.
- Dana Voelzke, "danbury_realtor"
- Contributions:824
I agree that Zillow is a great tool for buyers and sellers. However, while generally pretty good, Zestimates are not actual market value and there is a pretty significant margin for error in the Northeast when compared to other areas of the country. I wouldn't suggest basing the list price purely on Zillow. Your buyer's lender will base ton appraised value, or if you don't want to spend the money for an appraisal prior to listing your property, at least look at broker price opinions from local Realtors who are local neighborhood experts.
Zip Code and Zillow Estmates
A friend living on the other side of town is in a similar situation. She's planning to sell in the near future and was assured by her realtor that the house is worth more than Zillow estimate because her City Point neighborhood shares a zipcode with New Haven's Hill Neighborhood, which is even more notorious than Fair Haven for gangs and violence.
I was only partially reassured. Everybody likes to feel like they're getting a deal. One of the things that attracted me to my house is that it was listed at about $20K below the Zillow estimate at that time. I'm worried that when I'm ready to sell my house, potential buyers will bypass it if I list it for more than the Zillow estimate.
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