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Answers (5)
Best Answer
- Lynda Hester-D'Orio, "Top Kinnelon Realtor"
- Contributions:30
Hi - I checked your street for market activity and you do have a neighboring house in short sale status listed for much lower value and is now noted in attorney review period in gsmls - this means they have offer and attorneys are reviewing this offer they have - when the house sells - the sale amount will affect your value also -For detailed information about how this impacts tour home value please reach out to me for a personal consultation anytime -
- Lynda Hester-D'Orio, "Top Kinnelon Realtor"
- Contributions:30
A "Zestimate " adjustment of $100,000 in one day indicates that there was a sale in your area of much lower value usually - these estimates are not a true appraisal and you need a realtor or appraisor or both to come up with your current market value - you or a realtor with a listing can claim it on zillow and adding more details you should beagle to move the value up by adding accurate data - if you have further questions about the value of your home in Kinnelon please feel free to reach out to me .
- Frieda Triebel, "Frieda Triebel"
- Contributions:235
Obviously, the market did not drop by $100,000 in one day. I am familiar with the area and know that Brush Hill Terrace is a very desirable area. There may have been one or two recent sales near you that brought down the Zillow average. The Zillow figure is not your sales price. The buyers who see your house/property will perceive value at a certain price. A good market analysis and/or professional appraisal can help solidify a good offering position.
- mosasmz
- Contributions:4
for the zestimate to have such a dramatic varience in one day, there must be a flaw in the math.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
This is what Zillows says about how they get their 'prices'
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing. We encourage buyers, sellers, and homeowners to supplement Zillow's information by doing other research such as:
* Getting a Comparative Market Analysis (CMA) from a real estate agent
* Getting an appraisal from a professional appraiser
* Visiting the house (whenever possible)
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing. We encourage buyers, sellers, and homeowners to supplement Zillow's information by doing other research such as:
* Getting a Comparative Market Analysis (CMA) from a real estate agent
* Getting an appraisal from a professional appraiser
* Visiting the house (whenever possible)
the zestimate on my home dropped $100,000 in one day?
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