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how can 2 homes about the same size & age (back to back yards) differ in value by over 20%?

  • July 25 2012 - Summerlin North
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Answers (4)

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Thank you. I appreciate your insights.
  • August 01 2012
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Hello 5481375,

The answer is simpler and less diabolical than you might think.  If you draw a circle around your home in a 1 mile radius, and then draw a circle around the other home in a 1 mile radius, you will find that there are homes and home sales that fall within each circle that do not necessarily reflect the value of your neighborhood, and certainly not the value of your home.  The algorithms that Zillow uses  use a geographical component, which doesn't allow for nuance based on the builder, amenities, upgrades, etc.  This is why you often find a disparity in values between 2 properties that are the exact same size and upgrades.  Frankly, with all due respect to Zillow, no one uses Zillow for anything other  than entertainment purposes (no one should anyway).  In a declining and volatile market like Las Vegas, you need to relay on a professional to get the value, not a computer paradigm.  

If you are serious about wanting to know how much your home is worth, please feel free to call or email me the address, and I will give you the best of my 33 years experience.... no charge.

Best of luck, and thanks for reading.

Steve Matthews
Prudential
[contact information removed by moderator for being self-promotional]
  • August 01 2012
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Yes. Built around same time. About same size. About same lot size. About same amenities etc.
  • July 25 2012
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  • Ice L.Zillow
  • 16182 contributions
user5481375 -

Do they have the same price and tax history? You can learn more about Zestimate here.

Ice
Zillow Customer Support
  • July 25 2012
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