why are you so off on your zestimate on my home?????????

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Hi,
As a full time broker with 30 years experience in the business, I just want to simplify why Zillow zestimates are sometimes so far off.

There mechanism will search all closed sales within a zip code, and average their zestimate. Certain zip codes in Brooklyn could contain both houses that sell for $300,000-500,000 and houses that sell for $2,000,000-$3,000,000, so the average might be $1,500,000, more than a million dollars off the right price for the lower price AND the higher price houses!

Hope this helps.

All the best,


Sal Cappi
Associate Broker
[phone number deleted by Zillow moderator. Please refer to our Good Neighbor Policy for posting guidelines]

Dear ferraralalawrence:

I do not work for Zillow but as a licensed real estate agent here in Brooklyn I can tell you that I have had many conversations with homeowners stating that the Zillow "Zestimate" is far below the market value of their home. This is especially the case when the home is not your typical "cookie-cutter" type house.

Homes are like babies, no two are alike, but when I say "cookie-cutter" (and not that there is any thing wrong with that) I mean homes that where pretty much identical when they were first built. As an example, on some blocks here in Brooklyn, you have a row of 30 attached brick homes which when they were first built in 1935 were all pretty identical. Over the following 75 years that passed they became more different based on the condition and how the house has been renovated and updated during the years. If you take a house like that, the "Zestimate" that Zillow gives can be fairly accurate because it is based on a computer algorithm that calculates average square foot property values within a zip code. Hence, if you have an average type of house in an average type of condition the number can be fairly accurate. On the other hand if you have a house that is in very bad condition, the Zestimate can be very high. Conversely, if you have a totally gut renovated house with a $75,000 custom kitchen, the Zestimate can be very low.

Having said that, if you have a home that is not "cookie cutter" such as a custom built house  or simply a home that is somewhat different that the majority of homes in the area (condition also plays a role), the Zestimate can be WAY off, either high or low depending. The City of New York does a similar type of estimate. They evaluate the value of your home for tax purposes in the same fashion. If you research how the city assesses your home you will probably find that the city uses numbers that are very similar to Zillows "Zestimates." If that city's estimate is low, that is good because you pay less real estate taxes! :)

In the end the "Zestimate" is only an estimation spit our by a computer program and it is not the same thing as a real live person viewing your home and formulating an opinion of it's value. If you are curious as to how much your home is worth or thinking of selling I would love the opportunity to help you. If the property is in Brooklyn and you would like, I can get together with you to pre-view your home and share with you my opinion of it's true market value (no cost or obligation). If you have further questions please do not hesitate to contact me, I would love to help you any way I can. Good luck!

Sincerely,
Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.

I don't work for Zillow. I am a Realtor-Associate with Weichert, Realtors in Marlboro, NJ. I understand how frustrating and misleading Zestimates can be. They are frequently off from the actual market value of a home. The reason is that they are computer generated using automated valuation models which take into account all properties with a specific geographic radius of the subject property. In contrast, a live real estate agent can decide which properties are truly comparable to the subject property, and make adjustments to the sales prices of the ones that have some similarities but important differences. Before deciding to put your home up for sale, you need to consult with a professional Realtor who can tell you what the best list price for your home is, as well as the likely sales price given current market conditions. Let me know if I can be of help in Marlboro, Manalapan, Freehold, and the surrounding areas of Monmouth County NJ.