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foreclusre VS zestimate

675 Ocean Ave APT 4N Long Branch NJ 07740. Sold at $22,700. Zestimate about 300k. How does it become less then 10% of the deal

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April 19 2010 - Long Branch
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Answers (2)

Dear yossit93 ----

    This property in the Harbour Mansion sold last year for $227,500.  The $22,700 you saw was probably mis-typed.  The Zestimate's from Zillow are helpful as they offer a good idea of property value based on the comparables from the recent reported history.  Updated information can be obtained from a real estate agent familiar with the area, who has shown the property and is aware of what buyers are willing to pay.  One problem some sellers are having in this market is basing their asking price on comparable properties from the not-so-recent past. Appropriate pricing is crucial, especially these days, just like in the Harbour Mansion where several units were up for sale at a higher price and sellers began competing down to the sub-300k level to get sold.  An agent's knowledge can help a seller avoid sitting on the market at a high unsellable price.  Hope this helps! 
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May 13 2010
Zestimate gives you a range that the house should sell for in ideal conditions. It doesn't account for life circumstances such as death in the family, impending foreclosure, divorce, etc.  There are a number of conditions that can dramatically effect the selling price of a house that have nothing to do with market conditions.  How a home valued at $300,000 sold for $22,700 is beyond me, but if that's what the seller was willing to accept, anything is possible.
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April 19 2010
 
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