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home value

My house is valued at X, yet the houses on both sides are valued at a value less than X and I can't figure out why.  All 3 properties are identical.  Could the fact that my property is owner occupied be the reason mine is valued for more?   The others are rented.
  • June 19 2010 - Inner Richmond
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Answers (5)

Values on Zillow, and Trulia and others, are only estimates, and identical properties show different values based on last transfer prices and the simple roll of Zillow logarithims, which are secret. Values here are for entertainment value only. You will only find out your home's REAL value when you go to sell it. Same holds for formal appraisals, also, they are estimates, or opinions of value.

Non-owner properties are never valued differently than owner occupied in appraisals. Only condition is considered, and Zillow does not consider condition when valuing homes, since they do not inspect the interior ... at least not yet...

Check out those other guys and see how they fair for identical properties. Also Google HOME VALUE SITES to find other ones...IMHO Zillow is the best, and most popular.
  • July 24 2010
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yes, tenant occupancy as status in San Francisco does devalue the homes, but i don't believe zillow catches that info.  Zillow pulls tax records to determine value.  They do not include short sales or foreclosure transactions in their estimates.  If one of the home next to you is a short sale or foreclosure value would be different.   The other suggestions are right on as well.
  • July 24 2010
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Valued by Zillow I assume you mean? I don't know the exact formula that Zillow uses, only that it's notoriously inaccurate about 2/3 of the time.
The most likely explanation is that your 2 neighbors have owned their homes for much longer, so their original purchase prices were lower than yours. Zillow seems to have a tough time adjusting for that particular factor in my experience with the site.
  • July 21 2010
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Are the lots the same?  While the houses are the same model the lot size could be the different.

  • June 20 2010
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Have you added any details to the description of your house on Zillow. It may be that you are entered information on your property and others have not, therefore raising the value of your property. I don't believe is has anything to do with whether or not it is owner-occupied.
  • June 19 2010
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