house on zillow is overvalued. how is that corrected? the address is 31301 heitz lane, temecula, ca

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August 15 2012 - Temecula
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Answers (8)

Everything is market driven.  Who knows in the market what that house will eventually sell for.  Have to put a number out there.

Over priced in your eyes, may be a bargain in someone else's eyes. Depends on how bad they want the house and if they will pay cash between the different of what a lender will go on it.  

We do know lenders like to stay on the conservative side.
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April 25 2013
That house is close to a friend of mine!  Zillow is not always perfect with their math.  I once got an overpriced rent "zestimate" and an owner insisted we rent the house at that amount.  It tooks week before her realized Zillow sometimes gets things wrong, haha.  
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February 04 2013
Is this your own property?
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September 19 2012
the new data takeovers (erase) the older data -> the new data takeovers (erase) the older data field
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August 15 2012
I really can't say for Zillow since I don't know how they calculate the home values.

http://homesand.net/QuickComps.aspx?31301+heitz+lane+temecula&citystatezip=ca.?Map=1
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August 15 2012
As my knowledge, it will be a month to a few months if Zillow has the new data to calculate the newer values, the new data takeovers (erase) the older data which creates the previously error.

Like 1 / 0 (old data) = error.
1 / .01 (new data) = correct.

Again I'm not a Zillow's employee.
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August 15 2012
Thanks! I wonder how long it takes to correct itself.
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August 15 2012
I'm not a Zillow's employee, at some point the math is going wild (like the error calculation of a tangent of a cubic spline or divide a number by a zero number, etc...) on some properties, but it will be corrected itself in the future.
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August 15 2012
 
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