question regarding valuation of 314 Kolbe Road

Profile picture for andrewsmith33
This information is for the folks who create the property value estimates at Zillow. The sale of this house was done on a foreclosure basis, and the sale price of $190k in no way reflects the true value of the house and property. I have noticed that property values in Carroll County continue to climb while the Zillow "Zestimate" has fallen by over $10k in the past few months. I can only assume that this is due to the recent sale price. My feeling is that this is misleading in particular since I have spent over $50k improving the property in the past few months. I would expect the house to sell for ~$280k in our current market. Please let me know what is the basis for lowering your estimate on this property relative to other homes in Carroll County.
Thanks,
Andrew Smith
Question refers to 314 Kolbe Rd, Westminster, MD 21157
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0Yes

September 16 2007
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Answers (4)

Profile picture for evancohen
I would not put to much faith in how Zillow prices your home. I have found that they undervalue homes for the most part. If you would like a free market analysis of your home, please give me a call or email.

Evan Cohen, Realtor
443-392-0872
http://www.ECohenRealEstate.com
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March 12 2008
Profile picture for Jmilam
great
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October 03 2007
Profile picture for Jmilam
It is a gret Market in Carrol Co. We had our second best year and its not over yet!
Jeff
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October 03 2007
Profile picture for ChristinaYoon
i've noticed zillow "zestimates" as well. They usually aren't accurate of the value because they take a whole area, and it's probably a computer just "spitting out" calculations.

On the other hand, Carroll county's market has been so unpredictable this past year. Make sure you've researched the comps for your investment and depending upon how long it takes, plan for the worst in this market, make sure you don't overcapitalize and calculate marketing it for 10% below what the last house sold for.
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1Yes

September 23 2007
 

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